In this interview with Insurance Asia News, Steve Warwick, Managing Director and Head of GC Access, Asia Pacific, describes how the MGA market in the region has significant growth potential, given the size of the premium pool in Asia Pacific.
Asia Pacific is at an earlier stage of development with MGAs than Western markets, Steve said, with most regional activity in Australia and New Zealand.
"We've been talking about the insurance gap for years, but you've got to fill that gap, and this is where I think MGAs can play a very important role in terms of capacity," Steve said. “When you think of the size of the Asia-Pacific insurance premium pool, there's a lot of headroom for the MGA market. And it's not going to just take business from where it's currently underwritten; it will generate business with talent and technology.”