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DESCARTES UNDERWRITING OPENS SINGAPORE AND SYDNEY OFFICES
by Gabriel Olano 05 Aug 2021
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DESCARTES UNDERWRITING OPENS SINGAPORE AND SYDNEY OFFICES | INSURANCE BUSINESS
ASIA
Descartes Underwriting, a Paris-based firm specialising in parametric insurance
against climate risk, is expanding into the Asia-Pacific region by opening
locations in Singapore and Sydney, Australia.
The Singapore office will be headed by Robert Drysdale (pictured above), head of
Southeast Asia. Drysdale joins Descartes from Howden, where he most recently
worked at the retrocession business. From 2012 to 2019, he was with Willis
Towers Watson, where he was one of the pioneers of its Global Fac brand in Asia.
He later moved to Sydney to grow WTW’s facultative reinsurance business in the
Oceania markets. Drysdale has 14 years of experience in facultative reinsurance
broking, working on complex placements from a diverse range of territories and
across multiple lines of business including property, power, energy and
construction.
“We are proud to bring Descartes’ solutions closer to brokers and corporate
clients,” said Drysdale. “As a region, Asia-Pacific is more exposed to natural
catastrophes and extreme weather events than others. From record breaking super
typhoons Goni and Amphram in 2020, major hail events and bushfires in Australia,
and tragic 1-in-1000-year flooding in China and India this summer - the rising
incidence of severe weather throughout the region is compounded by climate
change and is resulting in increased year-after-year losses.”
Read more: How parametric solutions are rattling the insurance cage
Meanwhile, the Sydney office will be led by Ben Qin (pictured immediately
above), head of North-East Asia & Australia. He joins from Marsh, bringing 14
years of experience in structuring and placing innovative alternative risk
transfer solutions across Asia-Pacific for insurers and captives. Prior to
Marsh, Qin worked in actuarial and risk management roles, including MSIG and
actuarial consulting firms, where he developed pricing models, risk appetite
frameworks and economic capital allocation models. Qin is a fellow of both the
Australian Institute of Actuaries and Singapore Actuarial Society.
“Given this exposure and widening coverage gap, particularly in non-damage BI
issues, with only 12% of the US$102 billion nat cat-driven economic losses
reportedly insured in 2020, we believe this is a good time to bring Descartes’
parametric value proposition to Asia-Pacific,” said Qin.
RELATED STORIES:
* Generali, Descartes develop partnership for parametric insurance
* What is parametric insurance?
* Philippines to benefit from parametric insurance pool – ADB
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