Swiss Re has set up a combined property and casualty (P&C) underwriting hub for Asia-Pacific, to tap into the region’s well-documented growth prospects.

The hub will function within its reinsurance business unit in Singapore.

Swiss Re Singapore CEO Sharon Ooi will run the division as Head P&C Underwriting for Asia, Australia and New Zealand, with effect from July 1.

She will continue in her current role and remain based in Singapore, but Swiss Re says she will also work closely with its regional business heads.

“The new hub combines our global knowledge with even deeper insights into local markets and industry needs, to benefit our clients as they continue to grow their businesses across Asia-Pacific,” CEO Asia Jayne Plunkett said.

Asia accounts for 30% of global insurance premium, up from 20% in 2007, and the share is expected to climb as demand rises along with further economic development.