From K-Pop concerts to the Singapore Airshow, contingency covers are in demand in Asia
Contingency covers for delays or cancellations to big public events are in demand in Asia, Beazley’s Lucien Mounier told GR in Singapore.
Such protections are a growth area for the re/insurer, according to Mounier (pictured), who stepped up to lead Beazley in Singapore as its Asia Pacific CEO earlier this year.
“From K-Pop and J-Pop to big public events such as the Singapore Airshow, contingency covers are in demand. Cancellations can be costly and can happen for many reasons,” Mounier told GR.
Martial arts tournaments such as Asia’s One FC competition, and big motor race events, such as Formula One Grand Prix, all make for insurance opportunities, he suggested.
Beazley’s PAC division – standing for Political, Accident & Contingency – is a focus for Mounier, cross-selling opportunities for risks that relate closely to each other.
This marks a broadening out from the underwriting firm’s historical focus on political risk and political violence covers, which have similarities to contingency perils, particularly for big public events.
He described a “diversity of risks” between terrorism, cyber risks and insured values.
Specialty insurance represents about half of Beazley’s global underwriting. Cyber has been a major focus in its London market headquarters.
He highlighted cyber insurance interest among healthcare firms as well as financial institutions.
“Specialty is not at 50% of Beazley in Asia yet,” he said, noting that the firm writes treaty and fac via its Singapore hub, as well as primary market business via Lloyd’s in the region.
“We see interest in anything related to business interruption,” he said. “It’s a simple, tangible concept to get across, and that can be for cyber or simpler risks.”