As we return to Singapore for our annual conference, we engage in conversation with Ho Kai Weng who is CEO of the General Insurance Association of Singapore, our host for this year’s event.
For those not familiar with GIA, can you please explain its core role?
GIA Singapore is the trade association for the general insurers in Singapore. We advocate and advance the common interest of our member insurers and the general insurance sector.
We operate several technology platforms at the sector level. Members exchange data with GIA and with one another, and benefit from efficient data exchange on vehicle accident reports, insurance fraud, agent registration, and statistics.
How important is GIA to Singapore’s maritime community?
Singapore’s maritime community comes together at the sector level as Maritime Singapore. It delivers many sector-level initiatives, such as to attract, engage and grow talent, decarbonise, and digitalise.
GIA is part of the Maritime Singapore family with our maritime customers and fellow service providers in bunkering, shipbroking, financing, legal and arbitration. Our marine insurer members play the vital role of helping our customers to rebuild their businesses.
GIA has partnered with the Singapore Maritime Foundation to hold the Maritime Shipping Knowledge Sessions for attendees from both the maritime and marine insurance sectors. We’ve just held our 53rd MKSS session since 2007. These sharing sessions by maritime practitioners provide insight on prominent maritime and marine insurance issues.
Can you explain the relationship between GIA and IUMI?
Both GIA and IUMI are advocates for our respective members. Four members and two junior members from GIA’s membership serve on IUMI committees and forums. IUMI provides us with specialist input on marine insurance issues.
When I looked up the history of GIA’s relationship with IUMI I found that we have been an IUMI member since before the 1979 conference! Both IUMI and GIA have searched our records for when GIA joined, but we could not find the exact year.
GIA was established in 1966. This means we joined IUMI in GIA’s early years, when Singapore was a small marine insurance market. Now we pay membership fees based on Tier 1 premiums of >US$500 million.
Highlights of our long history with IUMI include:
- Singapore was the second Asian country to host the IUMI annual conference (in 2004).
- GIA held the first IUMI Asia Forum in Singapore in 2018.
How did your career path take you to your current role as CEO at GIA?
My first employer was Singtel, Singapore’s biggest listed company at that time. I worked in group treasury. Treasury’s role included liability management and insurance. In my second year, my colleague in charge of insurance quit and my boss asked me to take the role of the insurance manager for the Singapore businesses. That was my entry to insurance and risk management.
I then worked for an insurer as an underwriter, then improving business processes in Asia. I then worked for an insurance broker where I took a Southeast Asia regional role, and then COO of the Asia specialty business.
Working on different sides of insurance helped greatly when I joined GIA in 2016 to advocate the common interest of general insurers. I’m grateful to be able to form teams from across the general insurance sector to resolve sector-level issues.
Would you recommend a career in insurance to newcomers thinking about entering the sector?
Yes. The insurance sector has many different opportunities and we hire people from diverse backgrounds. Many have gone very far in insurance even when they came from outside the sector. For example, one of GIA’s committee members was a former seafarer who became an insurer’s Asia head of marine, and served as IUMI Ocean Hull Committee Chair.
What do you like to do away from the office?
I enjoy cycling, good food, and personal finance. Going around by bicycle gives me insights to places and people that I would have missed had I used faster transport. I also picked up some wine knowledge through the WSET certifications and must work on improving my ability to identify different aromas.
What’s the best piece of advice you’ve been given?
Make your life decisions before your financial decisions. With this advice, I am clear on my life objectives and priorities, and that my work and financial planning should support my life decisions.
