Oneglobal eyes expansion amid stabilising market

The insurance market in Asia-Pacific is stabilising after several years of volatility, presenting fresh opportunities for growth and innovation, according to Sirikit Oh, chief executive, Asia at Oneglobal Broking.

Oh told EAIC Today that despite the ongoing challenges the market is showing signs of resilience. “The last few years have been tough with significant losses and natural catastrophes, but we’re starting to see stabilisation,” she said.

However, the landscape remains complex. “Each line of business has its own trends, and not everyone is moving in the same direction,” she noted. While sectors such as cyber remain challenging due to global losses, others—including marine, renewables, and financial lines—are seeing more opportunities. 

“There’s plenty of capacity in the market, especially in Asia,” Oh emphasised. “Marine, in particular, is a sector where we see great growth potential, especially in Singapore and Hong Kong.

“Cyber remains challenging because of the losses we’re seeing—not just in Asia, but also in Europe and the US,” she added.

Oneglobal’s growth strategy is firmly focused on its strengths, Oh said. “Marine, reinsurance, and financial lines are areas where we want to expand significantly over the next few years.”

“We’re particularly interested in how parametrics can be applied beyond just weather-related risks.”

Plenty of competition

Competition in the region is “fierce”, and the cost of risk management is increasingly on the minds of clients, said Oh. “For us, being nimble and quick to respond is key,” she stated. “If we can help clients manage their insurance costs effectively and reduce volatility, we’ll be in a strong position.”

This evolving risk landscape is opening up new possibilities. One emerging area that Oneglobal is watching closely is parametric insurance, which Oh believes has the potential to fill gaps in traditional catastrophe coverage. 

“We’re particularly interested in how parametrics can be applied beyond just weather-related risks, especially in industries where traditional coverage is limited,” she explained.

“Artificial intelligence (AI) is a major talking point for many of us,” Oh added, noting how automation and predictive analytics could change the roles of intermediaries and insurance companies alike. AI has the potential to streamline processes, but Oh cautions that insurance is still a people-driven business. 

“How AI shapes the future market will depend on how we turn ourselves more robotic, replacing tasks that require interpersonal skills. We still talk about our industry being a relationship business.”

This human touch is vital for a company such as Oneglobal, which has been operational in Asia for four years. “We’re a young company, so we place a big emphasis on face-to-face interaction and coaching,” Oh said. The firm encourages internal mobility, allowing employees to work in different countries and this, Oh believes, helps attract talent by offering diverse professional experiences across regions.

One of the most pressing issues facing the insurance industry today is a shortage of skilled talent in Asia, and globally. “The industry is getting saturated when it comes to the talent pool, especially for younger professionals,” Oh noted.

For a relatively new player in the region, attracting the right talent is crucial. “We’ve been fortunate to bring in people with strong reputations who, in turn, attract similar talent. But it’s not just about competitive salaries—we provide flexibility in working hours and focus on fostering camaraderie through team-building activities,” she explained.

Oneglobal continues to strengthen its leadership team, with strategic hires including Andrew Ko, who joined as executive director to drive growth in Greater China, and Joey Lim, who is leading the expansion of property and casualty in the region.

A bigger platform

China is a major focus for the broker as Chinese businesses expand globally. “There’s a lot of opportunity in supporting Chinese companies as they venture into markets such as Latin America and Africa,” Oh explained. 

Oneglobal’s international platform allows it to partner with Chinese firms seeking to manage risks beyond their domestic borders.

“Hong Kong and Greater China are very important for us in the next few years,” Oh noted, highlighting Malaysia as another potential new market and hinting at future expansion into other regions.

As Oneglobal enters its fourth year in Asia, the company has set ambitious growth targets. “We’re in the next phase of expansion,” Oh said. “We have big plans, and we’re in growth mode.”

The company is actively exploring team acquisitions and potential partnerships to accelerate its growth. “Acquisitions and bringing in the right talent are always on our radar,” she concluded.

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