The Singapore International Reinsurance Conference has changed markedly over the years, becoming one of the primary ‘unmissable’ events in the industry’s calendar. We caught up with one of the main catalysts behind this change, Singapore Reinsurers’ Association’s Mr Marc Haushofer to talk about some highlights of this year’s event.
The Singapore International Reinsurance Conference (SIRC) continues to attract ever-increasing numbers of delegates from around the world each year.
While many use SIRC as a platform for their reinsurance renewal discussions, there is a growing perception that the quality of debate and insight at the conference remains unparalleled in this part of the world. Much of the credit for this metamorphosis goes to Singapore Reinsurers’ Association (SRA) chair Marc Haushofer and the supporting executive committee.
Mr Haushofer has an enviable track record in the industry in Asia and, in 2023, was conferred the Singapore Institute of Banking and Finance Distinguished Fellow Award in General Insurance. His career in the region takes in periods at Munich Re in Tokyo, Germany and Singapore before joining Validus Reinsurance in Singapore in 2008.
More recently he has served as RenaissanceRe SVP Asia Pacific and, since 2017, he has been chair of the SRA. His impact on the development and growth of the SIRC is widely acknowledged.
We caught up with Mr Haushofer in the run-up to this year’s event and before he hands over the chair of SRA to Allianz Re regional CEO Kenrick Law.
SIRC changes over the years
Mr Haushofer is quite clear about what he thinks the main changes to SIRC have been under his guidance.
“What we definitely achieved is that the market value of this conference has grown significantly,” he said. “The last one before I took over had around 940 attendees, of which around 700 came from overseas. Last year we had 2,800, of which more than 2,000 came from overseas.
“We have positioned this conference very strongly as a forum for showcasing the strength and diversity of our industry, whilst also facilitating discussion and stimulating debate, and promoting leadership around the critical developments that are shaping, challenging and advancing the reinsurance market,” said Mr Haushofer.
Rather than building a conference in the vein of Monte Carlo, Mr Haushofer had his eyes fixed on something more akin to a smaller version of the World Economic Forum for the (re)insurance industry.
Diversity
Huge strides have been made in achieving greater diversity.
“This year, we made further progress in this context. We are having Andreas Berger on day one as the opening conversation and with a female moderator. Without exception, we also have women in every panel this year. We have achieved a balance of something like 40/60 now in terms of panellists’ gender mix.”
And the SIRC has developed a community buzz all of its own.
“These days, there is so much going on at SIRC,” said Mr Haushofer. “It is not just the on-stage conferences that is the main highlight, companies are actively holding meetings on the sidelines and professionals are mingling and networking throughout the four days. There is an endless flow of conversation and ideas exchanged, which truly is the spirit of the SIRC.
“The whole concept over the past eight years during my time has completely changed. It’s a highly interactive event today. The degree of interaction we find at the SIRC now is very concentrated and this, in my opinion, is almost second to none,” said Mr Haushofer.
Changes for 2024
There is also a much broader geographic spread of speakers this year.
“We have attracted voices of the industry from very far away,” said Mr Haushofer. “Without having built such a great brand, I’m sure that would not have been possible.
“While there are more global perspectives brought into the conference over the years, we are also mindful to keep to our roots. Hence, this year, we decided to have an Asia forum on day three. This is something new that we have, to spotlight the issues that are unique to the Asia context,” he said.
Session moderators this year are being encouraged to contribute to the debate if they feel moved to do so.
“We’ve learned from last year’s CEO panel,” said Mr Haushofer. “We had three very senior executives, and they interacted so well even though they were competitors. It was such a robust discussion and greatly enjoyed by the audience. From last year’s conference, we also felt that we should give more attention to how people interact – so we told moderators that they are not only expected simply to ask questions, but to elevate the interaction with the panellists,” he said.
Conference theme
By necessity, this year’s conference theme, ‘Revolutionize (Re)insurance!’, was decided some months ago. How has Mr Haushofer’s thinking developed in the meantime?
“I’m still very happy with this theme of ‘revolutionize’,” he said. “It is a theme that encapsulates the times we’re in and drives urgency that the sector needs to evolve to keep pace.”
The revolution will encompass many areas – including AI.
“AI is and has already changed how we are doing business. Companies across industries are now looking to see how we can fully maximise the power of AI. This will mean huge changes not just on the business fronts, but also on the climate and how we live, work and play.
“If we fully utilise the outcomes of AI, I don’t think we can do that without also revolutionising our reinsurance sector,” he said.
Where does SIRC go from here?
From 1 November, the SRA will be helmed by Mr Law as its chair, PartnerRe Asia Pacific CEO James Beedle as deputy chair and executive director Jeslyn Tan.
“I am very pleased with how nicely the SIRC is coming together this year, and it is all thanks to the dedication of the organising committee and our trusted partners,” said Mr Haushofer.
“I am passing on one of the best conferences our industry has to offer to my successor, Kenrick, whom I have full trust in bringing it to greater heights. Kenrick is very much up to speed with the SRA, and particularly the SIRC, and I can assuredly say that there will be no gap in terms of leadership transition. I’m confident the SRA and the SIRC will continue to match if not, exceed the industry’s expectations,” he said. A