Swiss Re sets up Asia headquarters in Singapore

Zurich-based Swiss Re has established a dedicated regional legal entity in Singapore for its reinsurance business unit. The entity will also house the regional headquarters for Swiss Re’s network of reinsurance operations in Asia.

The new structure of the reinsurance business will not affect Swiss Re Corporate Solutions in Asia, the company said in a statement.

The Singapore-based entity and regional headquarters is expected to be established in 2018. Swiss Re plans to realign the office network to the new structure by 2020, subject to regulatory approval.

Swiss Re Asia, the wholly-owned subsidiary of Swiss Re, will continue to serve its clients and partners across the region through its network of offices, mirroring its existing footprint in Australia, China, Hong Kong, India, Japan, Korea, Malaysia and Singapore.

"This move demonstrates our commitment to Asia as we become even closer to the market," said Jayne Plunkett, Swiss Re chief executive officer (CEO) reinsurance Asia.

According to the company, the Asian insurance sector has seen strong growth over the past decade, with the region now accounting for 30 percent of global insurance premiums, compared to 20 percent in 2007. Swiss Re expects the region's non-life and life premiums to grow by 5 percent and 6 percent respectively, in real terms per annum in the coming decade. Emerging Asian insurance markets will grow even faster.

Swiss Re has been associated with Asia since 1913. Swiss Re Hong Kong branch will continue to be the Asian hub for the company’s life and health business. It will also remain the base for a number of its property/casualty teams.

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