‘Bold’ ambitions power WTW in Asia

Asia’s risk and insurance market is a hotbed of opportunity, full of growth potential and complexity. But that also means brokers and insurers must innovate, hone sharp specialisation, and cultivate local expertise—or risk being left behind.

That encapsulates the message from Luke Ware, head of risk and broking for Asia at WTW, who spoke to SIRC Today about the firm’s expansion, regional highs, and where future growth lies.

“The Asian risk landscape is an abundance of opportunities,” Ware began, painting a vivid picture of the evolving market. “We’re seeing significant growth in population as well as risk maturity, and that creates significant opportunities, whether it be in South, Southeast, or North Asia.”

He pointed to significant trends such as digital transformation, climate risk exposure, geopolitical tensions, and supply chain disruptions shaping the market. “The world that our clients are operating in is increasingly complex and interconnected. Brokers and insurers will need to innovate, and support clients to navigate what is an increasingly complex world,” he said.

“Clients definitely want choice, and it’s no longer just about being the biggest.”

Room for everyone

Ware’s optimism for Asia’s growth potential is paired with an acknowledgment of fierce competition and the need for innovation. “There is room for growth for everyone,” he said. “There are well-established players, but also new capital providers and managing general agents who all want a piece of the pie. Clients definitely want choice, and it’s no longer just about being the biggest. It’s about how you provide deep insights and quantified, data-backed solutions that help clients make smarter decisions.”

On the topic of where WTW sees the most potential, Ware highlighted specific sectors and geographies. “We’re very excited about Japan,” he said, referring to WTW’s expansion into that market. He elaborated on the strategic importance of Japan, describing how regulatory changes and a desire for more sophisticated risk management have transformed the landscape.

“Japan is the third-largest general insurance market in the world,” he emphasised. “It represents an enormous opportunity, especially in sectors such construction, natural resources, financial solutions, and mergers and acquisitions.

“We’re now able to operate as an independent broker, bringing global resources to Japanese clients in a way we couldn’t before.”

Equally promising is India, where WTW has deepened its investment by acquiring full ownership of its long-term joint venture WTW India. “We see enormous growth there,” Ware said. “There’s $1.6 trillion of investment expected in the construction sector over the next decade, and there are huge developments in renewables, oil and gas, and digitisation.”

He noted that India’s mid-market is maturing rapidly around risk. “The demand for consumption and the sophistication of risk management strategies are evolving, which is very exciting for us.”

Technology and data are fundamental to this strategy. “Technology and data are driving the real change,” Ware explained. “They’re benefiting clients and insurers, and enabling better deployment of capital.”

He highlighted the role of innovation in risk transfer and analytics. “Our Asia-Pacific Climate Risk Centre in Singapore is aimed at helping clients assess and mitigate climate risks, given Asia’s vulnerability to climate change.

“We’re seeing increased severity and frequency of climate events, and the impacts are undeniable,” he added.

Being the best

“We have bold ambitions,” Ware said, speaking about WTW’s overall strategy. “We want to become Asia’s best specialty broker, risk advisor, and client partner.

“We’ve seen double-digit growth consistently over the last three years,” he noted. “We hired 180 people in Asia in the last 12 months alone, and our investments in specialisation are central.

“It’s about being the best. Clients value deep, data-driven insights, and we’re backing ourselves through technology, talent, and a client-first proposition.

“Asia is highly competitive, but that’s a good thing for clients. It drives innovation and the need for brokers and insurers to deliver best outcomes,” Ware said.

WTW’s investment in local expertise, he added, is making the difference. “We understand the nuances—regulatory, cultural, or linguistic—that shape risk in Asia. We’re bringing the best global solutions, but managing them locally to meet client needs,” he concluded.