Singapore to host biggest annual meeting of global insurance CEOs
Singapore, 13 May 2015…The Geneva Association (GA) will be holding its 42nd General Assembly in Singapore from 13-16 May 2015, in collaboration with hosts Monetary Authority of Singapore (MAS) and ACR Capital Holdings (ACR). This is the first time that the General Assembly will be held in Singapore, and the second time in Asia. The GA chose Singapore as it is the leading insurance and reinsurance hub in the fast-growing Asian market. Prime Minister Lee Hsien Loong will host the delegates at the Istana and Deputy Prime Minister Tharman Shanmugaratnam will deliver the keynote speech at the Assembly.
2 The GA General Assembly was formed in 1973 and is the world’s foremost gathering of the leaders of the international insurance industry. It brings together more than 50 of the key decision makers in insurance to discuss economic and strategic challenges facing the industry, and analyses how insurers can actively contribute to practical solutions. Substantive accords arising from past Assemblies have been reached on issues such as climate change, which have helped to set the direction for the industry.
3 “We are delighted to be holding this year’s annual General Assembly in Singapore,” said Mike McGavick, Chairman of The Geneva Association and CEO of XL Group. “Given its considerable economic growth over the last 30 years, Asia has become an extremely important region for the (re)insurance industry and I’m looking forward to discussing how the sector can continue helping economies in the region grow and expand. I would like to thank the MAS and ACR for their generosity in hosting the meeting in this landmark city for the region’s burgeoning insurance industry.”
4 Mr Ravi Menon, Managing Director of the MAS said, “It is significant that The Geneva Association chose Singapore as the location for its annual General Assembly. Asia is one of the fastest growing insurance markets and Singapore is the leading insurance and reinsurance centre in Asia. We look forward to deepening our collaboration with members of The Geneva Association on how Singapore can better serve Asia’s growing protection needs. We want to help increase penetration rates in traditional lines of business as well as facilitate innovative risk reduction and risk transfer solutions in newer areas such as natural catastrophe risk and cyber risk.”
5 Mr John Tan, Group Chief Executive of ACR Capital Holdings, also said, “It is serendipitous that the General Assembly is convening in Singapore as the country celebrates 50 years of independence. The socio-economic environment it has impressively created in so short a time has greatly facilitated the development and growth of the (re)insurance industry both domestically and in the region. The gathering of the world’s insurance leaders here for this strategic summit is another significant step towards the further advancement of Asia’s (re)insurance industry, which is critical to the region’s long-term economic sustainability. I am humbled by the honour to be part of this event.”
Notes to Editors
About The Geneva Association
The Geneva Association is the leading international insurance think tank for strategically important insurance and risk management issues. The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector. Through the development of research programmes, regular publications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress in the understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leading voice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding of uncertainty in the modern economy.
The Geneva Association membership comprises a statutory maximum of 90 Chief Executive Officers (CEOs) from the world’s top insurance and reinsurance companies. It organises international expert networks and manages discussion platforms for senior insurance executives and specialists as well as policy-makers, regulators and multilateral organisations. The Geneva Association’s annual General Assembly is the most prestigious gathering of leading insurance CEOs worldwide.
Established in 1973, The Geneva Association, officially the “International Association for the Study of Insurance Economics”, is based in Geneva, Switzerland and is a non-profit organisation funded by its members. For more information see
About Monetary Authority of Singapore
As Singapore's central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore's exchange rate, foreign reserves and liquidity in the banking sector.
MAS is also an integrated supervisor overseeing all financial institutions in Singapore -- banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. Being an integrated supervisor allows the MAS to adopt a consistent and progressive regulatory and supervisory approach and framework, thereby ensuring a level playing field across all market segments, sectors and activities. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore's financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education.
MAS ensures that Singapore's financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre. For more information, please visit .
About ACR Capital Holdings Pte. Ltd.
Established in November 2006, ACR Capital Holdings Pte. Ltd. (ACR) is parent company to two wholly-owned subsidiaries, Asia Capital Reinsurance Group Pte. Ltd. (Asia Capital Re) and Asia Risk-Tech Enterprises Management Consulting (Shanghai) Company Limited (Asia Risk-Tech).
Asia Capital Re is Asia’s first reinsurance company with a focus on providing reinsurance solutions to the pan-Asian region with particular specialties for large and complex risks across non-life business lines. Headquartered in Singapore, it has a regional presence in Hong Kong, Dubai, Taiwan, Japan, Korea, Vietnam and India.
Asia Risk-Tech, in Shanghai, China, serves the Greater China region with risk consulting, risk engineering and other services.
ACR also has two associated companies – Asia Capital Reinsurance Malaysia Sdn Bhd and ACR ReTakaful Holdings Limited.
Together, the ACR group of companies has received numerous awards, including Asia Capital Re’s recognition as “Reinsurance Company of the Year” at the Worldwide Reinsurance Awards in 2011 as well as The Asset's "Insurance Company of the Year” for its strong investment strategy and performance for in 2012 and 2013.