In this Inside RGA Q&A, Maurizio Busti, Managing Director of Hong Kong and Singapore Markets, shares insights on how his international experience is helping shape the company's strategic response to Asia Pacific's evolving insurance landscape, from regulatory changes to demographic shifts and digital transformation.
In this Inside RGA Q&A, Maurizio Busti, Managing Director of Hong Kong and Singapore Markets, shares insights on how his international experience is helping shape the company's strategic response to Asia Pacific's evolving insurance landscape, from regulatory changes to demographic shifts and digital transformation.
My journey through consulting, direct insurance, and now reinsurance has given me a unique vantage point on the Asia Pacific insurance landscape. Reinsurance represents the pinnacle of my insurance career because it bundles all the aspects I have learned through previous experiences.
From my consulting background, I have developed diagnostic skills for identifying market inefficiencies – something that translates perfectly to reinsurance, where we help clients navigate these challenges. My time in Switzerland, though in a small country, exposed me to sophisticated risk management practices and European regulatory standards like Solvency II, plus valuable experience with cross-border insurance structures.
Hong Kong offers a completely different dynamic. As a hub for Asian business with proximity to mainland China's evolving insurance market, it provides incredible opportunities. Singapore presents equally compelling opportunities, with an aging population and rising healthcare costs driving increased demand for comprehensive insurance solutions. Its position as a regional financial center also makes it an ideal platform for serving Southeast Asian markets.
Working across both markets has taught me about the regional diversity across Asia and how to connect global best practices with local realities.
The solvency and capital management framework is evolving significantly across Asia. We are seeing countries increasingly comply with International Capital Standard (ICS) requirements, creating both challenges and opportunities.
Hong Kong's new Risk-Based Capital (RBC) framework, which creates parity with mainland China's C-ROSS system, opens new collaboration opportunities. Singapore has already implemented their RBC regime. Other countries, including Japan, have begun implementing new solvency and capital management regimes. Each of these regulatory changes presents excellent opportunities for RGA to help clients navigate new requirements. The trend toward more sophisticated, internationally aligned capital frameworks means insurers need expert guidance to ensure compliance while optimizing their capital efficiency.
Join Maurizio and the rest of RGA's APAC team at the 2025 Pacific Insurance Conference in Seoul, September 23-25. Featuring an exclusive experience tailored specifically for C-level executives, PIC 2025 will spark actionable collaborations, empowering you to connect, innovate, and network with other industry leaders to shape the future of insurance.
I would describe RGA Hong Kong's culture as one of tremendous energy – both externally and internally. The same is true for our Singapore operation, which is celebrating its 10th anniversary this year. In both markets, RGA is committed to building close partnerships with our clients and collaborating with them to truly co-create solutions. Our philosophy is simple: Our clients' success is our success.
We put a lot of energy into understanding market developments and improving through co-creation, defining new products and propositions. Recognizing that technology is playing a more crucial role in everything we do, our services combine deep thinking with technological innovation.
As leaders, we also have a responsibility to create working environments where all employees can unleash their full potential. In a region as culturally and economically diverse as Asia Pacific, having inclusive teams is essential for business success. Our ability to understand and serve clients across different markets, regulatory environments, and cultural contexts is strengthened when our workforce feels empowered to contribute their unique expertise.
The Asia Pacific insurance landscape is being reshaped by three powerful, interconnected forces that will define the next decade of opportunity and challenges.
The story begins with a fascinating demographic paradox. Across the region, we are witnessing two dramatically different population dynamics unfolding simultaneously. In developed markets such as Hong Kong, Japan, and South Korea, populations are aging rapidly, creating an urgent need for sophisticated retirement planning, long-term care solutions, and longevity products that can protect people through extended lifespans. Meanwhile, in emerging economies such as Vietnam, Indonesia, and India, younger generations are coming of age with significant protection gaps. They are underinsured and represent vast untapped markets for fundamental life and health coverage.
This demographic duality sets the stage for the second major transformation: digital acceleration. Technology is revolutionizing every aspect of how insurance operates, from the ground up. Artificial intelligence is making underwriting more precise and personalized, while digital health platforms are creating entirely new ways for insurers to engage with customers. Wearable devices provide real-time health data that helps insurers better manage risk and loss ratios.
The third force adding complexity to this evolving landscape involves mounting healthcare and economic pressures. The cost of medical care is rising steadily across the region, putting pressure on both insurers and consumers. At the same time, geopolitical tensions and economic volatility are creating operational challenges that require careful navigation. Currency fluctuations and evolving capital requirements are forcing insurers to be more strategic and agile in their approach to business operations.
Against this backdrop of transformation, RGA has positioned itself as a strategic partner ready to help clients navigate these converging trends. Our deep expertise in biometric and investment risk products directly addresses demographic challenges, while our leadership in critical illness and longevity solutions meets the needs of aging populations.
Our digital underwriting platform development keeps us at the forefront of technological advancement, and our client-centric partnership approach ensures we are continuously co-creating innovative solutions that evolve with the market's changing needs.
This is not just a story of challenges – it is a narrative of unprecedented opportunity for companies like RGA that are prepared to adapt and innovate alongside their clients.
Working in such a complex environment, I enjoy returning to simple pleasures. Every morning, I try to make time for an hour-long run – my time with myself that is both useful and regenerating. Even if it means one less hour of sleep, that morning run is essential.
In Hong Kong, I often run with a group from the office – about 10 people currently, though we are hoping to grow that number. We typically run from our office in Quarry Bay to various MTR stations towards Central. I like to run to the Central Pier, which is about 8.5 kilometers, and then take the ferry to Discovery Bay, where I live. Even in Hong Kong's sweltering summer heat and humidity – we recently ran in 34-degree weather (93 degrees Fahrenheit) – I still get out there.
I also have a tradition of baking on Sunday afternoons and enjoying the resulting outcomes with my wife Tiziana and friends. I experiment with cakes, breads, biscuits, and pies. Maybe someday soon I can share these treats with my colleagues at RGA Hong Kong.
Interested in new opportunities in Asia Pacific? Contact us.
