The 20th Singapore International Reinsurance Conference (SIRC) gathered over 3,300 participants, highlighting the urgent need for the insurance industry to address climate risks amid significant uninsured economic losses in Asia. Keynote speaker Gan Kim Yong emphasized that continuing climate change could lead to a 20% loss of GDP by 2048 for Asia, with ASEAN countries facing even greater risks. He noted that advancements in renewable energy, digital security, and demographic shifts present both challenges and opportunities for the reinsurance sector, which must innovate to meet increasing demand for coverage. The conference theme, “Revolutionize (Re)insurance!”, reflects the industry’s necessity to adapt to these evolving risks and technological advancements.
