Resilience for a new world

My return to Asia earlier this year came at a time when the world was experiencing significant change.

We have a global pandemic still fresh in our minds, a climate discussion continuing in the wake of extreme weather events and the return of a stagflationary environment unlike anything we've seen since the 1970s. Coupled with macro-economic factors, the convergence of these interconnected risks has brought new stories of resilience; a concept that has again proven a key ability of our industry.

This is the focus of the Swiss Re Institute's recent sigma publication, which suggests that three main drivers will shape a 'multi-polar new world order': a realignment of supply chains; added impetus to the green transition; and higher food prices and potential for global food shortages.

Yet amidst this enduring uncertainty, there is a positive narrative playing out here in Asia – a sign of our strength as well as determination. 

For a region historically under-protected, heightened risk awareness – perhaps a legacy of this confluence of risk – can be considered a positive shift. As a re/insurance industry, let's embrace this shift and continue to be steadfast in helping communities understand that it's exactly in periods of heightened risk that protection is most necessary. Let's remain agents of resilience in this changing world.

Key to this is our industry's ability to harness new technology and data; and build strategic partnerships that play to the unique strengths of each party. These are dual priorities for Swiss Re.

We are deepening and developing our risk knowledge to provide transparent and sustainable capacity. And by understanding our clients’ challenges, we develop products and solutions that protect businesses balance sheets and support consumers in times of distress.

How P&C re/insurers are impacted by and respond to these anticipated changes will be the focus when we meet at the 18^th Singapore International Reinsurance Conference (SIRC): Re-Connecting: Re-Shaping the Future.

I am pleased to see this year's SIRC return to an in-person format. Years of lockdowns and travel restrictions has taught us not to take these opportunities for granted. As Lead Partner of SIRC, I look forward to welcoming colleagues, clients, and industry peers back to Singapore as we explore ways that we can be partners in resilience.

For our clients in other markets, we will share our takeaways in the coming months and welcome your own stories of resilience.