ravi menon : allianz and singapore – growing a specialist insurance hub in asia opening remarks by mr ravi menon, managing director of the monetary authority of singapore, at the launch of allianz ’ regional centre, singapore, 18 september 2013. * * * mr manuel bauer dr dieter wemmer dr maximilian zimmerer dr christoph mascher distinguished guests, ladies and gentlemen, good evening. i am pleased to join you this evening at the official opening of allianz ’ s new regional centre in asia square. allianz and singapore this marks a major step forward for allianz in singapore and in asia. for the first time, we will see allianz ’ s 450 staff across 11 entities coming under one roof. this new centre will strengthen synergies across business units, enabling allianz to better serve the needs of its 20 million customers in the region. in a way, allianz ’ s story reflects singapore ’ s own development as a specialist insurance market. just ten years ago, the insurance industry in singapore was focused on writing pure domestic risks. singapore has now developed the capacity and expertise to underwrite large and complex risks across asia. with the opening of allianz ’ s new office here, asia square is also shaping up to be singapore ’ s own version of london ’ s leadenhall street, where many prominent insurers and brokers are located. such physical co - location will help to promote greater exchange of ideas and collaboration, and create an insurance marketplace that is committed to deliver customised and innovative solutions. mitigating asian risks the prospects for asia ’ s insurance market are bright. a growing middle class and rising affluence will underpin a steady increase in insurance penetration rates. continued industrialisation, growing trade activities, and infrastructure development will mean greater demand for insurance solutions to mitigate a variety of risks. over the next decade, insurance business in asia is projected to grow at about 8 % per annum. by 2020, asia is likely to account for almost 40 % of the global market. it is vital that insurers seeking to expand in asia have a deep understanding of asia ’ s risk landscape. aggregate exposures have grown steadily in asia, due to rapid urbanisation and economic growth over the last two decades. asia ’ s strong record of development means that we have more to lose from unforeseen calamities. take for example the spate of natural calamities in asia in 2011.

to range from introductory to post - graduate courses in islamic studies. we can bring students together not just for formal degree courses, but for summer schools. middle eastern families can come to singapore for holidays and health services, while the young go to school. middle eastern youth will find singapore a friendly, multicultural and multi - religious city. they will find an english language environment and educational programmes that combine the best of east and west. they will find friends from singapore, southeast asia, china and india. a further area of potential collaboration is in teacher training and education research. for example, the national institute of education has been appointed by the abu dhabi educational zone in the uae to advise on the setting up of a teacher training institute. we will be able to exchange training materials and officials, as well as collaborate on innovative projects in education. each of these initiatives may be small. but they all add to the soft infrastructure and networks that we have to create between asia and the middle east, to build enduring economic and business ties. conclusion to conclude, let me just say that the financial centres of both our regions can play an important role in catalysing cross - regional flows of savings, and creating a multiplier effect on asia and middle east growth and investment. we must also establish and strengthen people - to - people links, and contribute to each others ’ efforts to develop financial sector skills and build management capacity. and we must start with our young, bring them together, and help them dispel stereotypes of each other, not just by understanding their differences but finding what they share in common. i suspect they share far more in common than the generations before them. amed provides a vehicle to jumpstart this process. i hope that the potential areas of cooperation that i have highlighted will throw up more ideas, for the financial sector panel session later today as well as in the field of education. thank you.