The global wealth focus will tilt from the West to Asia Pacific and in the latter half century to Africa as well. Global strategies should reflect that as Swiss Re are practising.
“700 million people have been lifted out of poverty and the middle class is rising. The protection gap is huge and losses in China are often less than 10% insured.” “There are some good signs in the market with agriculture, health, life and motor growing strongly. In addition the understanding of the importance of insurance and risk management at government level is growing.” Plunkett added: “We want to bring those outside of insurance into the system. We can then help them with risk management and help diversify our risk. We are taking a long-term view and the new regulatory set-up is also helping develop the market.” When asked what insurers are looking for from Swiss Re, she said: “Solvency and capital management are key issues — they want to free up capital to keep growing.”