The 21st Singapore International Reinsurance Conference (SIRC) opened with a strong message of resilience, collaboration and future-readiness as the global reinsurance community gathered in Singapore in record numbers.
This year’s event sees more than 3,800 delegates from 84 countries, underscoring SIRC’s evolution from a regional forum into one of the world’s premier reinsurance conferences and highlighting Asia’s growing influence on the global risk landscape.
In his welcome remarks to the audience, Singapore Reinsurers’ Association chair Kenrick Law said, “Asia continues to sit at the heart of global insurance growth, driven by its expanding middle class, rapid urbanisation and rising asset values.”
Yet, Mr Law said the protection gap in the region remains significant, particularly for Nat CAT risks.
“As climate volatility, economic uncertainty and geopolitical fragmentation reshape the operating environment, the industry faces both immense responsibility and opportunity,” he said.
Highlighting the conference theme, Mr Law said key priorities include sustainability and talent development.
“With an anticipated global shortage of skilled professionals by 2030, the industry must attract and develop digital-savvy, data-driven talent prepared to drive transformation,” he said.
“Singapore and Asia are already at the forefront of innovation, from generative AI frameworks and parametric solutions to transition finance, ILS growth and digital risk modelling. Collaboration will be critical- across insurers, reinsurers, brokers, policymakers and capital providers to build a resilient and integrated regional risk ecosystem,” Mr Law added.
Delivering his official keynote address to the room, Monetary Authority of Singapore managing director Chia Der Jiun Top of Form
underscored the global economy’s resilience despite a year of uncertainty marked by tariff shifts, AI-driven market forces and evolving financial conditions.
“While early signs of softening are emerging in labour markets and trade, Southeast Asia remains a bright spot. Regional growth is expected to hold steady at 4.3% next year, supported by a rising middle class, industrialisation and increasing climate-related risk,” Mr Chia said.
He also mentioned that Singapore’s insurance market has grown strongly in step with regional protection needs.
“Between 2019 and 2024, total life, general and reinsurance premiums expanded over 8% annually to reach S$78bn, as global insurers anchored high-value functions in Singapore and strengthened specialty and complex-risk capabilities.
Mr Chia identified three strategic areas for deeper collaboration: AI and data innovation, infrastructure financing and climate risk solutions.
- AI & data leadership
He said insurers are increasingly deploying AI to enhance underwriting, pricing and claims processes. Examples he featured included AI-driven cyclone modelling for APAC and a generative AI underwriting platform piloted in Singapore.
- Catalysing infrastructure investment
Asia requires $1.7tn in annual infrastructure investment through 2030. To support this, MAS has finalised differentiated capital treatment for qualifying infrastructure assets under the RBC2 framework and introduced a pilot offering capital relief for sustainable, non-operational-phase investments. Leading asset managers have expressed interest, and the pilot will launch in January,” Mr Chia said.
- Strengthening climate risk capacity & ILS ecosystem
With natural disaster losses in APAC averaging $50bn annually, Singapore continues to expand regional risk-transfer capacity, he said.
“MAS is deepening support for international reinsurers and advancing the insurance-linked securities (ILS) market, with 29 catastrophe bonds issued to date. The refreshed ILS grant scheme will now also cover renewals and non-APAC risks, encouraging broader participation while prioritising protection needs in the region,” he said.
In closing, Mr Chia said, “As Asia grapples with growing climate exposure and economic transformation, MAS reaffirmed its commitment to fostering a robust, innovative and future-ready risk ecosystem, positioning Singapore as a resilient hub for insurance, reinsurance and alternative capital markets.”