Top-level insurance event comes to south-east Asia for the first time

The Monetary Authority of Singapore’s managing director, Ravi Menon, has revealed that the city has been chosen to host the Geneva Association’s 2015 general assembly.

Menon made the announcement at the opening of Allianz’s new regional office in Singapore’s Marina Bay financial district on Wednesday.

The Geneva Association is an international think-tank for strategic insurance and risk-management issues. Its annual general assemblies bring together global chief executives and other stakeholders in the insurance industry over a two-day conference to discuss industry trends. The debates conducted at these events result in a series of background papers and comments that are later published by the association.

It is only the second time an Asian country has been chosen to host such an assembly; Japan played host in 2009.

As StrategicRISK reported last month, ACR Capital Holdings group chief executive, John Tan (pictured), has recently become one of only a few Asian-based members of the Geneva Association.

Singapore-based Tan told SR today that holding the assembly in Singapore was “a good thing”. “It’s recognition that Singapore is becoming an important market in Asia for insurance and reinsurance,” he said.

Tan said that many insurance industry stakeholders were moving their operations to Singapore. “I think everybody can see the opportunities of the growing space in Asia for reinsurance and insurance with the linking to the still strong economic growth in China, and what Korea, Japan and the rest of Asia is trying to do,” he said. “If Singapore can position itself to cater for that, then why not? I will do whatever I can to make Singapore more prominent in this space.”