Re/insurance key to meeting Southeast Asia’s growing protection needs: SRA Chair

In a keynote address at the 21st Singapore International Reinsurance Conference (SIRC), Kenrick Law, Chair of the Singapore Reinsurers’ Association, highlighted Southeast Asia’s resilient growth amid global uncertainty, as re/insurers increasingly expand their headquarters and operations in the region.

Law commented, “As the year draws near to a close, it is clear that the global economy has demonstrated greater resilience than previously envisaged. We know the reasons. US reciprocal tariff rates have been lower than announced in April.

“The tariffs’ implementation was delayed, and a long period of front-loading of exports lifted global economic activity. AI-related investments, and generally accommodative financial conditions, have also been supportive of economic activity.”

With early signs of softness beginning to emerge, Law suggested that labour markets in advanced economies are starting to weaken, while export growth in Asia is slowing following the implementation of tariffs since August.

“Global GDP growth could moderate further in 2026 as the lagged impact of tariffs works through. There are also uncertainties ahead, such as the potential for renewed trade conflicts and the risk of a correction in AI-driven investment,” Law stated.

However, against this backdrop of global uncertainty, growth in Southeast Asia has reportedly been relatively resilient, with the IMF expecting the region to expand by 4.3% in 2026, a pace similar to this year.

With this in mind, Law said that the opportunities for serving the protection needs in the region will continue to expand.

Leading global players are said to be anchoring high-value, high-impact capabilities in Singapore.

Insurers are expanding their headquarters and regional functions in the city-state, driven by structural and strategic considerations, while specialty insurance lines and reinsurance capacity are growing to cover large and complex risks across the region.

At the same time, global brokers are establishing capabilities in analytics, advisory services, risk modelling, and sustainability, further strengthening Singapore’s position as a regional hub.

“We see three specific areas of opportunity where we hope to further collaborate with the industry: harnessing AI and data, exploring infrastructure financing opportunities in the region, and addressing the growing need for climate risk coverage,” Law observed.

He concluded, “As we look ahead, while risks will continue to evolve, within these challenges lie significant opportunities. The insurance industry will continue to play a vital role in meeting the region’s growing demand for protection across lives, wealth, and assets.”