Swiss Re is establishing an underwriting hub for its property and casualty insurance business in Asia. The move will result in two key leadership changes.
The Zurich-based reinsurer said on Tuesday that it will set up a combined P&C business underwriting hub in Singapore. Sharon Ooi who is head of property and casualty underwriting for Asia, Australia and New Zealand, will run the unit from Singapore, where she is Chief Executive of Swiss Re.
Swiss Re said it is setting up the hub to better serve clients and to grow profitably in Asia. The Swiss firm said Victor Kuk will take over from Ooi’s as head of property and casualty lines for Southeast Asia, India, Korea, Hong Kong and Taiwan. Both his and Ooi's appointments are effective from July. Asian insurance now accounts for nearly one-third of global premiums, from 20 percent in 2007.
Swiss Re are expecting its premiums from life insurance and non-life products to continue to grow by 6% and 5%, respectively, with emerging Asia insurance markets posting even headier growth.
“The new hub combines our global knowledge with even deeper insights into local markets and industry needs, to benefit our clients as they continue to grow their businesses across Asia Pacific,” Swiss Re Asia CEO Jayne Plunkett said.
The reinsurer, which has been in Asia for 104 years, has 1,900 staff in the region.