APAC leader discusses “exciting market”

Veteran believes the region’s macroeconomics make it particularly interesting

APAC leader discusses “exciting market”

Insurance News

By Nicola Middlemiss

An insurance veteran with more than 30 years’ experience has described the Asia-Pacific market as particularly interesting, having just moved to the region three months ago.

Ziad Alex Tadmoury relocated to Singapore in August, taking on the role of APAC division manager for FM Global. While he’s been with the same insurer since 1989, Tadmoury has travelled the world, taking senior positions in the US, the UK, and France.

“The macro-economics of the Asia-Pacific region make this a very different and exciting market,” he told Insurance Business. “One of the key differences between Asia-Pacific and North America is the relative disparity in the commitment to risk management and loss prevention by boards of directors.”

Tadmoury also pointed out that there’s exciting growth forecast for the region – in fact, over the next decade, it’s estimated that nearly one third of Fortune 500 companies will be based in Asia-Pacific.

Furthermore, while over 80% of western economies will be dominated by service industries by 2030, manufacturing will continue to represent over one third of the Asia-Pacific economies.

“All of this means we have a real opportunity to contribute to raising awareness around risk management and loss prevention,” said Tadmoury.

Raising awareness and promoting greater resilience is a key focus for FM Global, with convergence of standards a particular passion project for Tadmoury.

“As someone who has spent half of their career in the USA and the other half in Europe, I would love to see a convergence in the way codes and standards are adopted and implemented by governments across the world to help prevent property loss,” he said.

“This is even more important now given that global climate change means greater exposures to fire, flood and wind – a particular problem for larger cities in the East that are most prone to natural hazards.  We have lobbied relentlessly for this convergence around the planet, and have been very active in Australia, China and India in particular.”

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