QBE Asia has appointed Chie Yamamura as head of Japan desk (facultative reinsurance), effective April 1.
The newly created role is part of the company’s strategy to expand its facultative reinsurance business across Asia.
Yamamura brings nearly 30 years of experience in the non-life and facultative reinsurance industry, having worked in Japan, Singapore, and London. She will be responsible for leading sales, business development, and operational strategies within the wholesale market segment in Japan and other regions across Asia.
Get the latest reinsurance news direct to your inbox twice a week. Sign up here
Her role will also include overseeing the strategic growth of broker relationships, both local and reinsurance, as well as working with local cedants to drive business objectives. She will be based in Singapore and will report to Ronak Shah, CEO of wholesale markets Asia.
In February, QBE also reported a substantial drop in its reinsurance costs over 2024, with expenses lowering to $3,971 million from $4,226 million in 2023.
Facultative reinsurance involves the ceding of specific individual risks by an insurer to a reinsurer, allowing for tailored coverage on a per-risk basis. This approach contrasts with treaty reinsurance, where a whole portfolio of risks is ceded under a single agreement.
Insurers often utilize facultative reinsurance to manage exposures that exceed their retention limits or to cover unique or hazardous risks not included in treaty arrangements.
In 2023, facultative reinsurance accounted for 62% of the global market share, indicating its prominence. The demand for facultative reinsurance is driven by insurers seeking to improve their financial ratings, with 55% citing this as a primary reason for purchasing facultative coverage.
Additionally, 58% identified cyber insurance both as a top business opportunity and as a significant risk, potentially increasing the demand for facultative solutions.
Regionally, the APAC reinsurance market is projected to grow at a CAGR of 4.8%, reaching an estimated US$68.4 billion by 2029, up from US$54.0 billion in 2024. Factors contributing to this growth include stable pricing, increased demand for catastrophe coverage, and reinsurers expanding into new markets to diversify risks.
What are your thoughts on this story? Please feel free to share your comments below.
Get the latest reinsurance news direct to your inbox twice a week. Sign up here
