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Speaking to InsuranceAsia News during the 21st Singapore International Reinsurance Conference, Lee said that most markets are seeing an adjustment of terms and conditions, but cautioned against adopting a blanket approach, as there are certain markets such as Taiwan – coming as it does off the back of a severe earthquake loss in 2024 – which are continuing to see pricing reflect a challenging natural catastrophe and will likely exhibit a different renewals dynamic.

In line with the general underwriting sentiment at SIRC, Lee also stressed that forthcoming renewals need to be put in context,
“We are still very sensible in terms of how we deploy our capacity,” she said, adding that even any adjustments to programs will be coming off attachment points which had increased by at least 50 to 100% in recent years, “so I would think that terms and coverage and attachment points are still pretty healthy and most clients are still taking good retentions on each of their treatment”.

Since coming on board last year, Lee has expanded the carrier’s product offering in order to provide “a more comprehensive solution” for clients, including the hire of Rob Barnum from QBE as head of financial lines for the Asia-Pacific region.

The strategy appears to be paying dividends, with Canopius’ Australia financial lines practice having grown to close to A$10 million (US$6.5 million) in GWP to date, Lee said.

“In Asia, we are trying to diversify as much as we can,” Lee said. “We don’t want to over-aggregate ourselves in one particular country.”

She added that Asia is a crucial part of the group portfolio, and is complimentary to what Canopius is doing out of London and Bermuda, and that having a local presence enables a closer relationship with clients.

Andrew Ziolkowski, head of Australia, spelled out the carrier’s ambitions for the country.

“For Canopius in Australia, New Zealand, the team have really established a very credible and confident presence in six years. It’s actually remarkable how much they have achieved,” he said, before noting that there are still areas where it eyes a greater degree of penetration – especially the Australian mid-market,” he said.

“There’s a lot of opportunity in certain segments of that market.”

Protection issues

The thorny issue of the lagging take-up of cover was also raised by Lee.

“If you’re looking at the projection gap, then yes it’s a challenge currently for the whole of the Asian market,” she said. “But it also is opportunity for us.”

Nonetheless, she added, “We won’t be able to solve this problem by ourselves – this is an industry challenge. How as an industry are we going to able to reduce the gap? We won’t be able to close the gap for certain, but we’re going to reduce that gap over the next few years. I think that is a hot topic for everyone.”

Jesse DeCouto, Canopius’ Bemurda-based CUO, was keen to stress that the wider market continues to operate in a period of continuing global uncertainty and in some cases instability, and of course that beings with it some challenges.

However, he also noted that such an environment also presents considerable opportunities for underwriters who are able to respond to the changing situation, agreeing with the assessment of Lloyd’s CEO Patrick Tiernan in his opening address to the conference that lines such as political violence and contingent business interruption can come into their own.

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