(Re)insurers need to combine their strengths, use better data, and shift beyond traditional protection roles to focus on anticipating and preventing risks, says Swiss Re’s Victor Kuk.
Reinsurer said it will focus on working with existing clients and regulators to redesign products "that respond to changing societal needs and give consumers more certainty."
The reinsurer is also expecting insurers to focus on the “decumulation phase,” offering products like annuities and long-term care to address longevity risk.
The deal, which is set to be completed in October, covers policy reserves of approx. ¥310bn (US$2.09bn), with Swiss Re retroceding all mortality risk associated with the portfolio
An actuary with more than two decades in reinsurance moves into the APAC role after leading property and casualty treaty portfolios in Europe and the Mediterranean.
Although North America and Europe dominate the cyber insurance market, Swiss Re noted that there is significant potential for future growth in the Asia Pacific Region.
