Parima aims to support a ‘step-up’ in sophistication through collaboration with sister risk management associations according to president Franck Baron

The risk and insurance industries in the Asia Pacific region still needs to catch up with its US and EU counterparts, but developments are being made in some regions, according to International SOS group general manager and Parima president, Franck Baron.

In an exclusive interview with StrategicRISK Baron said: “The level of maturity [in Asia Pacific] in terms of risk management and the insurance is still quite low.

“Asia is not a very homogenous region and you have differences so there are very few mature and sophisticated markets such as Australia, New Zealand, Hong Kong and Singapore and without causing offence to the rest of the countries in Asia, they really have to catch up in terms of maturity in terms of risk management but also in terms of insurance sophistication.”

Baron was speaking at the Ferma Forum and said building relationships between Parima and other regional risk manager associations such as Ferma, Amrae, Airmic and Belrim is important in developing the community of risk managers in Asia.

“The best thing about the risk management industry is that our sister associations can help us out,” he said, adding: “It is really about how we can engage with them on a technical level for example on certification which is a key expectation in Asia. I can also see collaboration with them where they can guide us to deliver activities such as conferences and webinars etc.

“More importantly, what can we do for them? To give you two examples – we would like to be the preferred place for the Asia pack of risk managers for European companies and we would also like to deliver input and thought leadership to European risk managers when it comes to risk exposures and insurance aspects in the market.”

Improving the Asian risk management community is a broad and far-reaching job that Baron believes will be the greatest challenge for Parima.

He said: “The really interesting thing about Parima is whether we are going to have the footprint to engage with the risk managers’ community in each and every country in Asia. So it is not just about Hong Kong, Singapore, Taiwan, China and Japan, but it is also about Cambodia, Vietnam, Philippines, and Malaysia and so on.”

Click here to watch the full interview