Munich Re Managing Director Scott Hawkins the 2024 keynote at RISC

Scott Hawkins, Munich Re Managing Director Australasia has taken an approach of continuous learning, resilience, and a deep-rooted desire to support clients and communities when navigating risks and uncertainties throughout his career in reinsurance.

The keynote speaker at this year's ANZIIF’s Reinsurance International Study Course (RISC), Hawkins is excited to share his career journey.

Starting in a graduate role with a major insurer straight out of university, Hawkins is now Managing Director Australasia of Munich Re and holds a wealth of knowledge on what the future holds for the industry.

It is a position that requires a laser focus on what’s ahead, says Hawkins. An ability to stay abreast of market trends and navigate the uncertainties created by current geopolitical tensions is also key to success.

“The future of the industry is dependent on making insurance products more affordable and accessible to a broader population,” says Hawkins.

Learning from the best

Widely viewed as the premier reinsurance training course in the southern hemisphere, the RISC program is a uniquely structured four-day intensive, experiential course that offers participants the opportunity to work together in syndicate teams to live the reinsurance process and directly apply learnings to real-life scenarios.

RISC provides participants with access to, and guidance from, senior practitioners who are among the industry’s top reinsurance experts. All have deep technical expertise honed from decades of international and regional industry experience.

In his RISC presentation, Hawkins will explore the importance of taking an innovative and customer-centric approach to reinsurance, as well as the need to adapt strategies to mitigate risks associated with geopolitical tensions.

“The war for talent and the attractiveness of our industry, increasing regulation and customer expectations, and geopolitical tensions and their impact on the economy are all trends of the reinsurance market that are similar to those in the primary insurance market,” says Hawkins.

Navigating regulatory changes to ensure compliance and maintain client trust can present challenges to insurance industry professionals, but Hawkins says they must remain focused.

A successful career in reinsurance

He also plans to share insights from his career journey, offering valuable suggestions for developing a successful career in reinsurance. He will also outline strategies to address industry challenges and highlight the future of the reinsurance sector.

“I am looking forward to talking about my career journey, offering suggestions for developing your career, as well as the future of the industry and why Munich Re is a great place to work,” says Hawkins.

Growing up in the small town of Terrigal, on the NSW central coast, Hawkins attributes much of his success and values to the influence of his parents.

He says they were determined to provide him with opportunities they never had, particularly in tertiary education, and were unwavering in their support for his academic pursuits.

“Neither of my parents went to university and they wanted to support me to do this,” says Hawkins.

His father, in particular, played a significant role in shaping his values, says Hawkins, placing an emphasis on integrity, generosity, and ethical behaviour, which has influenced his approach to business and leadership.

“My father was not raised by his parents, and the family that raised him always made sure they did the right thing by others, even financially when they could not really afford it,” says Hawkins. “I think this is a core value that served me well in my life and career.”

Sharing the risk

Parental encouragement fuelled Hawkins’ ambition and drive to succeed, leading him to complete a Bachelor of Business at Newcastle University, before applying for a graduate role at Australian general insurance provider GIO.

“Post university, I wanted to join a large company as I thought that would broaden my career and learning opportunities,” he says.

Hawkins applied for a position within the reinsurance division, a sector he says he knew little about at the time. Intrigued but uncertain, he turned to his mother for advice.

“Not knowing what reinsurance was, I asked my mother, who previously worked at MLC Life, and she said, ‘I think it's something to do with sharing the risk with other companies’. It must have been a decent answer, as I got the job,” he says.

Hawkins’ role in the reinsurance industry has evolved over the years and, in his current position at Munich Re, his responsibilities span the Australasian region. His team is tasked with managing all non-Life clients based in Australia, New Zealand, and the Pacific Islands.

“I think one of my key achievements is moving through the ranks of Munich Re locally to be the first local to lead the team for nearly 20 years,” he says.

Diverse markets

Additionally, Hawkins is part of a broader management team that oversees a client base extending from the Middle East and North Africa, through the subcontinent, Asia, and Australasia.

It is a role he is proud to hold and one that requires a deep understanding of diverse markets, regulatory environments, and client needs. Hawkins adds that it also involves tailoring solutions to meet the unique challenges and opportunities in each region.

This includes managing an increased frequency of medium and large natural catastrophe events that have impacted many regions of Australia and New Zealand, such as earthquakes, cyclones, floods, bushfires and hailstorms.

“I’m proud of how Munich Re stepped up after the string of disasters in 2010 - 2011 to further support the region and, in the face of adversity, changed policy language to ensure sustainability for the future,” he says.

A viable proposition

Hawkins will address a range of topics during this year’s RISC event, including what the future may hold for reinsurance.  Will traditional reinsurance processes and capacity be viable long term, and what role will non-traditional capacity play in the future? 

“It seems strange to say that something that is relatively unchanged for 300 years is still viable, but while it is simple, it also works,” says Hawkins.

“On that basis, I believe it is still viable. Of course, traditional reinsurance is only one way to provide capital, and there are other providers, which I see as a good thing. 

“I am not afraid of other forms of capital in the industry and, for many geographical areas and for certain and new types of risks, it is needed, particularly where the traditional reinsurance market cannot adequately meet the capacity of risk appetite needs of clients,” he says. 

Hawkins’ vision for Munich Re in the next three to five years is to continue its efforts in addressing challenges in the industry, in particular insurance affordability. He is also committed to Munich Re being the key provider of capital for the industry in existing and new types of risks. 

One of these emerging risks is the net-zero transition, and Hawkins says the reinsurance giant will rise to the challenge. 

“Munich Re will be a major player in the insurability of the key risks needed to facilitate the energy transformation,” he says.

Don't miss out: Register for 2024 RISC by 2 August