Swiss Re establishes regional HQ

Swiss Re announced plans to establish a dedicated regional legal entity in Singapore for its Reinsurance business unit. This legal entity will, at the same time, become Swiss Re’s regional headquarters for its network of reinsurance operations in Asia.

Swiss Re Asia, will be wholly-owned by its Zurich-based global parent, Swiss Re Ltd, and will share Swiss Re’s group credit rating. The Asian operations will remain strongly capitalised in line with regulatory requirements and its local business will continue to be supported by the financial resources of the Swiss Re Group.

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. The outlook remains robust. Swiss Re expects the region’s non-life and life premiums to grow by five percent and six percent respectively, in real terms per annum in the coming decade. Emerging Asian insurance markets will grow even faster.