SIRC 2026: Innovative thinking can help close Asia’s protection gap, IUA CEO Chris Jones says

November 4 2026 by

The London market needs to consider how innovative it can be, not only with regard to exporting conventional London policies into Asia, but also looking more into addressing the actual protection gaps Asian businesses face if it wants to increase insurance penetration across the continent, according to Chris Jones, CEO of the International Underwriting Association (IUA). 

Jones added that such innovation could be in the form of developing newer covers, such as parametric insurance, but also aligning the insurance offering with risk engineering and risk management functions.  

“Also, where it is recognised that insurance cannot fully close the protection gap, work on targeted public-private partnerships,” he said.  

“At the heart of many of these solutions is the need to ensure that policy language is clear and that there is a continued discussion with risk managers and brokers to provide the bespoke solutions where London’s expertise can be most visibly seen.” 

At last year’s Singapore International Reinsurance Conference, Jones noted that London market insurers were increasingly looking to Singapore and the wider Asian market for growth.  

“We believe this is largely due to an increased focus on price adequacy, underwriting discipline, and underlying profitability in softer market conditions.”

Chris Jones, IUA

Twelve months on, the picture has subtly shifted, he suggested. 

“The continuing softer market conditions have led to insurers reviewing their growth options and London retains a significant appetite for Asian business, particularly in areas where London traditionally excels – the complex specialty risks where underwriting expertise, capacity and international program capabilities come to the fore,” he added.  

The key to growth remains a commitment to underwriting discipline, he said, noting that the IUA’s recently published London market premium income statistics show that there has been limited growth in terms of volume and that the IUA has seen some retrenchments, particularly in treaty reinsurance and also in the property and finpro markets.   

“We believe this is largely due to an increased focus on price adequacy, underwriting discipline, and underlying profitability in softer market conditions,” he said. “The conditions in London are also apparent in many other insurance hubs, but do provide an incentive for insurers to consider other expansion areas, including in Asia.” 

London expertise

Singapore is now firmly established as an increasingly sophisticated international insurance and reinsurance hub, with substantial underwriting expertise and capacity available locally, although Jones stressed the continuing importance of London’s distinctive proposition for Asian cedents and corporate insurance. 

“As noted, the depth of specialty expertise and ability to cater for large complex placements on a subscription basis is a key benefit. This advantage is more pronounced as for unusual, high-value or complex placements, such as constructing large global programs for Asian companies operating regionally and internationally,” he said.  

“That global connectivity remains a competitive advantage. Moreover, the proximity to specialist broking, risk management and ancillary services that London offers is particularly well regarded.” 

Jones also addressed current and future trading conditions, conceding that “the current pricing environment for Asian commercial insurance has no doubt been challenging, with Marsh Q3 2026 statistics showing 11 consecutive quarterly price drops”.  

Indeed, he added, the challenge remains that there is abundant capacity and strong competition across the region, which will likely continue to pressure pricing, coverage and growth into 2027.  

Though not specific to Asia, he said, macroeconomic and geopolitical developments continue to also challenge insureds and insurers alike and drive in particular concerns around accumulation risk. 

Amidst criticism from some quarters that London market insurers have made certain war-related covers difficult to obtain, Jones was clear, stating that “the war and political violence products available in London have operated as expected and have stepped up to provide the level of cover required by clients in difficult times”. 

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