Diary day three – Kicking the can down the road
November 5 2025 by Marcus Alcock
As expected, the 21st Singapore International Insurance Conference (SIRC) has been superb- so many of the market’s makers and shakers are here, and I’ve managed not only to catch up with some old friends and contacts, but also to make new acquaintances.
And what could be better than that? This conference, a Monte Carlo with air conditioning, is now a (re)insurance calendar essential.
A recurring theme in my meetings has understandably been the challenging global geopolitical and macroeconomic environment. Wherever one looks there are turbulent waters: war in the Middle East or Ukraine; the effects (as yet not clearly known) of the imposition of tariffs by the Trump administration; concerns about the private credit market; or spiralling levels of government debt in major economies. And Asia, at the hub of many industries and the most important trading region in the world, is at the heart of so much of this.
Yet it should also be stressed that for the APAC (re)insurance market, such a volatile environment presents a golden opportunity to demonstrate its expertise and relevance as the means to navigate a host of risks which are now hugely important.
Whether it be marine cargo, political violence, trade credit, or property fac, right now is the time for the market to step up to the plate and prove its worth.
I do worry about quite how bumpy the next couple of years will turn out to be, however. I’ve just come from a meeting with the lovely David Kim, head of Korea at Miller Insurance and a former professor at Yonsei University.
He said that a lot of his time there was spent teaching MBA students about the reasons for the financial crisis of 2008, as well as its consequences.
In 2015, Kim published a book with the title Kicking the can down the road. I haven’t read it (it is in Korean), but the title really resonated with me, as I’ve thought for some time now that the strategy of governments around the world to deal with the debt crisis by essentially extending debt even further has not exactly been the smartest way to tackle the problem.
The issue with debt is that sooner or later, like death, it catches up with you. Will 2026 be the year of reckoning? Hmmm.
-
Beazley | What does cyber protection look like from day 1 to day 600 and beyond?
Cybersecurity is no longer just an IT concern, but a governance issue that belongs on the boardroom agenda.
-
Sedgwick | Preparing for the next storm
Insurance industry needs to recalibrate, invest in innovation and strengthen systems, talent and data practices.
-
Peak Re | From climate modelling to market opportunity: Forging a new clarity on Southeast Asia’s climate risk
Southeast Asia's protection gap: a crisis of clarity, not just capital
-
BHSI WICare+ | Accelerating Payments, Empowering Recovery
Launched in cooperation with Steadfast’s Singapore network, WICare+ fills the gaps found in traditional coverage and keeps businesses and their workforce secure by covering up to SG$350,000 in medical expenses per claim.
