In this article from Insurance Asia News connected with the 2024 Singapore International Reinsurance Conference, Guy Carpenter’s Anthony Cordonnier, Global Co-Head of Cyber, examines how developing products that are relevant to local clients in Asia Pacific are key to increase market take-up of cyber insurance in the region. Also fundamental is building local expertise to build the market effectively.
“Different countries have very different exposures, different ways to do business as well,” Anthony explained. “So, I think we need more local expertise to actually develop products that are relevant to local clients. And I think that will lead to a better take-up of the products.”
While cyber penetration is low in Asia Pacific compared to some other regions of the world, Anthony emphasized how important it was for knowledge to develop internally within the region.
“I don’t think education needs to come from the outside,” he said. “At this stage, I think there needs to be local underwriting teams in their markets actually looking at the risks.”