New reinsurance hubs are emerging

Singapore, which harbors a number of international insurers and reinsurers including the Lloyd's (20 reinsurers and 63 captives), has, according to Deloitte agency, become a major reinsurance hub in Asia. With the accumulation of capital which is flowing in the region and the growth rates reported by the regional economies, the survey found that Asia's weight over insurance will grow bigger and bigger in the upcoming years. Switzerland and Ireland are the two most important hubs in Europe. New centers such as Shanghai, Dubai, New York, Qatar, Bahrain and Saudi Arabia will soon be playing a major role.