Narrowing of the global protection gap was driven by heavy insured losses in the U.S. where insurance penetration reached 81%, but APAC disasters saw less than 10% of losses covered.
Returning to the company, Singh will be based in Singapore and report to Craig Torgius, chief client officer and head of enterprise clients, Asia-Pacific.
The move follows a wave of new insurance offerings and capacity expansions as the insurance industry targets growing data centre opportunity - and risks.
The heaviest economic impact was recorded in the Sitaro Islands, North Sulawesi, where flash floods destroyed dozens of homes and damaged infrastructure.
