We are home to: four of the top five global insurance players; a vibrant ecosystem comprising a strong brokers’ cluster where nine out of ten of the top global brokers are based here; the largest captive community in Asia Pacific; a growing concentration of more than thirty specialty players; and the largest grouping of Lloyd’s syndicates outside of London, with 26 syndicates. Reflecting the increasingly important role of non-life insurance in driving overall industry growth: The share of offshore non-life insurance as a proportion of total non-life insurance premiums has increased steadily, rising from 60% in 2010 to close to 70% in 2016. Over one-third of offshore premium flows are attributed to specialist lines of business, such as large and complex property, marine, construction and engineering, energy, financial lines and agriculture. Insurance companies are gradually anchoring more global and regional positions in Singapore, and most Asian risks, including large reinsurance programmes and specialty risks, can now be fully placed in Singapore. Singapore’s share of global Asia-Pacific originated reinsurance premiums has also risen from 3% in 2013, to close to 10% in 2016. 1/4  BIS central bankers' speeches  Vision 2025: Global capital for Asian risk transfer 6 So what next after this? 7 The global reinsurance industry continues to face structural challenges, in a few forms: Alternative capital, which gives rise to excess capacity and softening rates, is expected to persist. Insurance underwriting is not keeping pace with the rate of emergence of new risks, such as cyber, supply chain, and reputation risks.
30 November 2017  Speech on the 60th Anniversary of the National Association of Specialised Lending Institutions (ASNEF) Luis M. Linde Governor  Good evening everyone. It is a pleasure for me to take part in this celebration of the 60th anniversary of the National Association of Specialised Lending Institutions. As your president, Fernando Casero, has just mentioned, throughout its history your Association has played a very important role in promoting and enhancing consumer lending, which is a key factor in driving economic growth. Indeed, consumer lending has a series of characteristics that make it especially relevant both for the financial system and economic activity. On the one hand, it is highly cyclical and is, therefore, a leading indicator of confidence among both consumers and financial institutions. On the other, it generally leads the way in terms of adaptation to innovation. As is well known, in the past consumer lending played an important part in the expansion of credit cards, and more recently it has been at the forefront of the incorporation of new technologies. In the expansionary phase that began after 2000, consumer lending grew rapidly in Spain, reaching a balance outstanding of € billion in mid-2008. The financial crisis reduced these figures, down to almost half that amount by early 2015. Since then, in keeping with the economic recovery, consumer lending has been very dynamic.