In a statement released on 19 Sep, Munich Re announced that the company is making changes to its strategic set-up in the APAC markets to keep pace with dynamic expansion in the region. Consequently, it is expanding the scope of its offices in Tokyo, Singapore and Beijing will be expanded, while certain other office locations such as Kuala Lumpur, Hong Kong and Melbourne, will be downsized or closed altogether.
Dr Ludger Arnoldussen, member of the Munich Re Board of Management with responsibility for APAC, said: "By pooling competencies in the region, we can align our property-casuality operations more closely to the needs of our clients. That is why we are strengthening our business locations in Tokyo, Beijing and Singapore. At the same time, we are streamlining our structures to be better placed to respond quickly and effectively to the challenges of these highly competitive markets."
The regional centre in Singapore will in future serve clients from Southeast Asia and support Munich Re's reinsurance activities in India, Japan and Korea. The Tokyo office will be expanded in order to play a greater role in property-casualty business in Japan. The process of streamlining Munich Re's operations in Southeast Asia will involve the closure of the property-casualty branch in Kuala Lumpur. Roland Eckl, who is currently responsible for property-casualty business in Australia, Japan and India, will move from Munich to Singapore, where he will assume responsibility for the regional centre and the markets it serves. Singapore in particular will see an increase in the number of staff employed in order to cover the regional centre's new roles (over 200 employees currently work in the Singapore office). Some of the tasks – in particular those that are client-facing – previously undertaken in Munich will in future be carried out in Tokyo and Singapore. This will affect a number of employees in Munich, for whom new functions will be sought.