The 21st Singapore International Reinsurance Conference (SIRC) opened on 3 November with a strong message of resilience, collaboration and future-readiness as the global reinsurance community gathered in Singapore in record numbers.
This year’s event saw more than 4,000 delegates from 84 countries, underscoring SIRC’s evolution from a regional forum into one of the world’s premier reinsurance conferences and highlighting Asia’s growing influence on the global risk landscape. In comparison, the 2024 SIRC attracted 3,300 participants from 69 countries.
In his welcome remarks at the SIRC, Singapore Reinsurers’ Association (SRA) chair Kenrick Law said key priorities for the reinsurance industry include sustainability and talent development. “With an anticipated global shortage of skilled professionals by 2030, the industry must attract and develop digital-savvy, data-driven talent prepared to drive transformation,” he said.
“Singapore and Asia are already at the forefront of innovation, from generative AI frameworks and parametric solutions to transition finance, ILS growth and digital risk modelling. Collaboration will be critical across insurers, reinsurers, brokers, policymakers and capital providers to build a resilient and integrated regional risk ecosystem,” he added.
Lloyd’s in Asia
In his first major speech in Asia, Lloyd’s of London CEO Patrick Tiernan outlined an ambitious vision for the insurance marketplace’s future in the region, during his keynote speech.
Given that Asia is far from homogeneous, with “an extraordinary mix of different economies, different growth trajectories, each with its own regulatory framework, market maturity, and insurance culture”, his vision involves blending local flavour and knowledge with Lloyd’s capital efficiency and structuring power.
The economic case for Lloyd’s Asian expansion is compelling. Mr Tiernan cited data showing a direct correlation between insurance penetration and sustained GDP growth. Asia’s share of global GDP currently sits at 42%, expected to reach 52% by 2030. The region is investing heavily in infrastructure – data centres, ports, rail, and roads – each representing potential insurance opportunities in construction and operational risk.
He also noted that key trade corridors in the region, despite geopolitical challenges, are forecast to double by 2030, creating critical demand for marine cargo, trade credit, and contingent business interruption coverage.
Discussing Lloyd’s Asian presence, Mr Tiernan employed what he called “the rule of 10”. Lloyd’s GDP in Asia Pacific stands at approximately $10bn, with compound annual growth of around 10% over recent years. Singapore represents roughly 10% of this presence, with about $1bn in GWP, whilst the region accounts for 15% of Lloyd’s entire business, making it the marketplace’s fastest-growing region.
The SRA, which is the organiser of the SIRC, has announced that the 22nd edition of this premier event will take place from 1 to 5 November 2026.
The 2025 SIRC was held on 3-6 November, with the theme “Staying Ahead, Future Ready”. M