Singapore:Reinsurers' Association plans for hybrid SIRC

The Singapore Reinsurers' Association (SRA) is drawing up plans for a hybrid 17th Singapore International Reinsurance Conference (SIRC) in November.

The Conference is to be a combination of a virtual segment similar to the SIRC 2020 Re-Mind event that was organised last year, with a scaled-down ‘live event’ that will incorporate all health and safety protocols aligned with the prevailing Safe Management Measures (SMMs) mandated by the relevant authorities to curb the COVID-19 pandemic. The plan was revealed by Mr Marc Haushofer, SRA chairman, during the association's annual general meeting last month when he shared some details of the SRA’s plans for the upcoming SIRC.

“With the global roll-out of the COVID-19 vaccines, we are cautiously optimistic that by the time the 17th SIRC is staged in November, some of the Safe Management Measures and travel restrictions that are currently in place will be eased so that we can welcome some of our loyal international supporters back to our shores,” he said in a statement.

He added, “The theme of the 17th SIRC will be ‘Re-insurance: Quo Vadis?’, which epitomises the situation that the industry faces at this critical juncture, and which offers much scope for discussion at the upcoming Conference.” More details of the event will be announced later.

The SIRC, which is a premier regional event, attracted close to 1,000 registered delegates annually from around the world when held on-site before 2020. The Conference was launched in 1991 to provide insurance professionals a forum to meet and discuss issues of the day, while taking stock of developments in the reinsurance market; and starting preparations for the following year’s treaty renewals.

Executive Committee

With in-person meetings still not permitted under the prevailing COVid-19-related SMMs, the SRA conducted its 42nd Annual General Meeting (AGM) by electronic means for the second consecutive year on 28 May. A total of 15 SRA Ordinary members were represented at the virtual meeting, including two by proxy. The Members’ representatives who attended the virtual AGM also utilised an electronic voting platform to vote on the various resolutions. Among the resolutions passed at the AGM, the three longest-serving EXCO members who were retiring by rotation in accordance with the Association’s Rules were re-elected, resulting in an unchanged EXCO line-up for the 2021-2022 term.

On 2 June, the SRA EXCO passed a special resolution to confirm the re-appointment of Mr Marc Haushofer, CEO, Asia Pacific & EVP of Validus Reinsurance Company as SRA chairman; Mr Kenrick Law, Regional CEO & Head P&C Client Management (incl Agriculture) of Allianz SE Reinsurance Branch Asia Pacific as deputy chairman; Ms Theresa Wee, chief executive of Singapore Reinsurance Corporation as honorary secretary; and Ms Ann Chua, Head of Asia for AXA XL’s reinsurance business as honorary treasurer.

The full line-up of the SRA EXCO for the 2021-2022 term is as below:

Mr Haushofer said, “I am honoured to have received the support and vote of confidence from my colleagues on the EXCO to continue to lead the Association for another term. This past year has been exceptionally taxing for many of us. The SRA too has clearly been tested as well with most activities having to be organised virtually and remotely. A degree of uncertainty will become the new normal especially if this pandemic becomes endemic. However, our industry has been dealing with the ambience of meagre predictability since its early beginnings. Hence, I am convinced that we will successfully get through this eventually.”

As of 15 June 2021, the SRA had a total membership of 54, comprising 29 Ordinary, 20 Associate, 3 Affiliate and 2 Honorary members. All major non-life reinsurance companies with a presence in Singapore, as well as some direct insurance companies that write a substantial reinsurance portfolio are Ordinary members of the SRA. In addition, several major reinsurance broking firms as well as some regional reinsurers are Associate members.

Source: Asia Insurance Review