The 20th edition of Singapore International Reinsurance Conference (#20SIRC) took place in Singapore from 4th to 7th November 2024. The theme of the conference was “Revolutionize Re(insurance)”. The #20SIRC Conference saw over 3,3300 participants with nearly 2,000 joining from overseas. The participants include world top reinsurers, brokers, insurers, IT companies, Consultants, and Regulators. As a regulator from Nepal attending the (#20SIRC) was a unique thrilling experience that provided opportunities for learning, networking, and strategic development. Here’s a detailed perspective that I had experienced during my visit to Singapore.
1. Learning about Global Trends and Innovations
- Keynote Presentations: Attending keynote speeches from global leaders in the reinsurance industry provided insights into the latest trends and innovations. Topics such as digital transformation, the use of artificial intelligence in underwriting, and the impact of climate change on risk assessment would be particularly relevant.
2. Networking and Collaboration Opportunities
- Building Partnerships: Opportunities to connect with industry stakeholders, including reinsurers, brokers, and technology providers, could lead to collaborations that enhance Nepal’s reinsurance sector. These connections could be vital in fostering knowledge-sharing and capacity-building initiatives.
3. Workshops and Skill Development
- Participating in Interactive Sessions: Workshops focused on topics like risk modeling, data analytics, and the application of technology in reinsurance is very beneficial.
4. Exploring the Impact of Technology
- Digital Transformation in Reinsurance: Observing how technology is reshaping the reinsurance landscape provided insights into its implications for regulation. Sessions on blockchain, AI, and big data analytics would highlight the need for regulators to adapt to technological advancements while ensuring market stability and consumer protection.
5. Adapting Global Insights to Local Context
- Tailoring Innovations: The conference offer wealth of knowledge that can be adapted to the local context. Engaging in discussions about the unique challenges and opportunities in reinsurance market around the globe was quite insightful.
- Sustainable Development Goals (SDGs): Insights into how the reinsurance sector is addressing sustainability and resilience in the face of climate change. Learning from global experiences could help shape regulatory approaches that promote sustainable practices within the local market.
6. Inspiration for Future Policies
- Actionable Strategies: The knowledge and insights gained from the conference inspire actionable strategies for improving reinsurance sector.
- Stakeholder Engagement: Learning about effective stakeholder engagement strategies used by insurers and reinsurance industry, fostering a collaborative environment that supports growth and innovation.
Besides gaining some insightful revolution taking place in Re(insurance) sector around the globe, as a regulator it would have been better if there would be session like Regulatory Technology (Reg Tech): Cyber Risk Management, Understanding Regulatory Innovations and discussion on Regulatory Challenges faced by developing countries from regulatory perspective.
Overall, attending the #20SIRC as a regulator from Nepal was a transformative experience, offering invaluable insights into the global reinsurance landscape. The knowledge gained about innovation; technological advancements would be critical in shaping Nepal’s reinsurance framework in days to come. This experience would not only enhance my understanding of the industry but also empower me to drive meaningful change and improvement within Nepal’s regulatory environment, ensuring that it is well-equipped to adapt to the evolving challenges and opportunities in the reinsurance sector.
