Asia-Pacific life insurers should be looking to broaden their access to the reinsurance market to expand their expertise, according to Willis Re Head of Life Reinsurance Nigel Sedgwick.

He says while life insurers maintain a relationship with the larger reinsurers, it “should not be exclusive”.

“There is a growing depth in the life reinsurance market beyond the half dozen or so big established players,” he said.

“Broadening access to the reinsurance markets can have many advantages, including price competition, new ideas and market knowledge.”

Mr Sedgwick says a “symbiotic relationship” often evolves between a life insurer and one reinsurer.

“This is understandable, given the benefits that an insurer enjoys in terms of access to the sophisticated expertise, data and systems that the reinsurer can provide,” he says.

“While this idea has been slow to develop in the life sector, general insurance is significantly more diversified in its use of reinsurers,” he said.