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Seminar
NIA-FAIR International Seminar on 'The Changing Global
Reinsurance Landscape'
Report by Resident Editor, Pune
The three day NIA -FAIR International Seminar on 'The ployed for innovation and creating new areas of revenue
changing global reinsurance landscape' organized by National generation. Mr. R. Chandrasekaran,Secretary General, Gen-
Insurance Academy, Pune between 29th July and 31st July eral Insurance Council in his special address introduced re-
was a huge success both in terms of participation and rich insurance as a cross border business for managing concen-
contents. More than 200 participants from India and abroad tration of risk and achieving diversification. He explained that
participated in this very absorbing and consummate semi- as economies develop, the need to manage concentration
nar. Mr. Sushobhan Sarker, Director NIA opened the pro- becomes the necessity. He also briefed on how alternate
ceedings of the three day seminar with his welcome address capital cannot be taken as a sustained capital as investors
by highlighting the growing need of reinsurance in view of tend to migrate to sources of higher returns. He added that
losses of calamitous nature that often leave a trail of devas- India was not late in creating a re-insurance hub. "The 5 P's
tation giving rise to claims beyond 100 billion dollars. He also i.e. Pricing, Pressures, Profits, Prospects and Players need to
emphasized that the subject of reinsurance has been gain- be taken care of, to achieve it". Mr. P. C. James, Chair Pro-
ing popularity and the industry can hope to see more inter- fessor, Non-Life, NIA proposed the votes of thanks.
national participations in future.
The 1st session of the seminar dwelt on "Building Reinsur-
Mr. Adel Mounir,Secretary General,Federation of Afro- Asian ance Hubs on Regional Capacity" The session was moder-
Insurers & Reinsurers(FAIR -Egypt) on the behalf of his orga- ated by Mr. R. Chandrasekaran. The other well-known panel
nization thanked National Insurance Academy (NIA) for the members were Mr. Randip S. Jagpal, Senior Joint Director,
warm welcome, hospitality and excellent arrangements of IRDAI, Ms. Alice Vaidyan, GM, GIC Re, Mr. Praveen
the seminar in his opening address. He also emphasized that Vashishta, Executive Chairman, Howden Asia & Middle East
an academy model like NIA should be followed by other Afro and Mr. Arun Agarwal, Lloyd's General Representative in
Asian countries too. He highlighted that of the total global India. Mr. Chandrasekaran opened the session with brief
premium of 4.7 billion; Afro - Asian countries generated in- remarks on the theme of developing regional hubs with the
surance premium - $1.3 trillion, Europe -$1.7 trillion and ultimate aim of moving from a net receiver of reinsurance
emerging Markets including Latin America and Caribbean - to a net giver. Mr. Randip S. Jagpal described the consulta-
$1.88 trillion. He further added, these significant develop- tive process adapted by IRDAI in the development of regula-
ments have been achieved with the support and protection tions in the establishment of branches by foreign reinsurers.
of the global reinsurance industry, which protects the capi- He outlined the nature of new regulations and explained how
tal of the primary insurer against large losses and which pro- they would enable the development of the local direct and
vides large capacity for high value complex risk". reinsurance market. Ms. Alice Vaidyan presented a market
perspective as a local reinsurer. She elaborated on three
Mr. A. K. Roy, Chairman and Managing Director of GIC Re factors which would play key role in the development rein-
observed in his special address that re-insurance performed surance regional hubs i.e. Growth of Economy 15-20%
the important function of transferring risks at a global scale. growth of insurance sector in India; Talent (large pool of
He explained that any stress in the global economy had an talent but need to work on skill development) and Regula-
impact on the reinsurance market. He also pointed at the tory Issues (changes that can attract best reinsurers of world)
oversupply of the capacity in the re-insurance market and
the entry of alternate capital. He gave a positive note on Mr. Praveen Vashisht made his observation vis-à-vis classic
the availability of data and experience which can be em- demand and supply equation - the demand for reinsurance is
The Insurance Times, September 2015 41
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