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Jakarta — The insurance business lines, both in energy and casualty globally, are still facing the trend of increased protection capacity.
This was conveyed by CEO Willis Re, Yuko Gunawan, as a speaker at the Relaxed Discussion - Rockstar Night event held by Tugure in Jakarta on Friday.
"The increase in protection capacity globally is expected to continue. Inflation pressures are believed to soften. Therefore, concerns about capacity constraints on January 1 renewal treaties will not occur," he explained.
He projected that, in addition to the increase in protection capacity, by the end of 2023, inflation pressures will tend to slow down, so the worst risks for January 1 renewal treaties will not materialize.
Meanwhile, Casualty & Energy Group Head, Farid Susilo, mentioned that the Relaxed Discussion event is part of Tugure's efforts to provide up-to-date information about the global insurance market and offer partners an opportunity to discuss current issues in the domestic and international insurance market, but in a relaxed and entertaining setting.
"In this event, we invited speakers to provide market updates on casualty and energy business from the international market," Farid explained.
Farid added that both energy and casualty business lines have bright prospects in the country. However, he emphasized that the increasingly competitive national insurance industry faces the challenge of delivering optimal underwriting or business processes.
Therefore, through this informative and relaxed agenda, Tugure aims to encourage ceding companies to have a common understanding in conducting prudent business.
"So, we as reinsurers are required to provide not only capacity but also become a place for discussing insurance technicalities, to obtain a good understanding of risk underwriting," he concluded.
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