Falcon Insurance Hosts Fairfax Asia Summit, Fostering Regional Collaboration

Falcon Insurance Hosts Fairfax Asia Summit, Fostering Regional Collaboration

Falcon Insurance, a Fairfax Financial Holdings subsidiary, hosts the Fairfax Asia Summit 2023 in Bangkok, uniting business leaders from across Asia to discuss growth and success in the region, while highlighting Fairfax's impressive global performance and commitment to sustainable growth and ethical business practices.

Falcon Insurance Public Company Limited, a subsidiary of Fairfax Financial Holdings, hosted the Fairfax Asia Summit 2023 at the Sindhorn Kempinski Hotel in Bangkok. The conference brought together high-level executives from Fairfax Financial Holdings in Canada and management representatives from Fairfax Asia companies across 8 countries, including Singapore, Malaysia, Indonesia, China, India, Vietnam, Sri Lanka, and Thailand. Peter Clarke, President & Chief Operating Officer of Fairfax Financial Holdings, presided over the event. The summit provided a platform for senior executives to discuss and exchange insights and successes in the field of property and casualty insurance in their respective countries. The discussions aimed to explore collaboration to set strategic directions for business operations in both Thailand and the broader Asian region. The event also included the presentation of the Fairfax Asia Ambassador Award to employees in the Asian region who have actively promoted the Fair and Friendly culture of the Fairfax Group.

During the summit, Mr. Clarke provided an update on 2022 Fairfax Financial Holdings performance. He announced that Fairfax achieved GWP at USD 27.6 billion (approx. THB 953,000 million) marking a 16% growth compared to 2021. The company also reported underwriting results which exceeded USD 1 billion (approx. THB 35,000 million). For the first 9 months of 2023, Fairfax has achieved GWP at USD 22.3 billion (approx. THB 770,000 million) and has shown significant growth, reaching 7.5%. Mr. Clarke highlighted that Fairfax currently employs over 16,000 people globally, operating in 50 countries and serving customers in over 100 countries. Emphasising Fairfax's commitment to sustainable growth, Peter emphasised the importance of aligning insurance practices with prudent investments for long-term returns. Fairfax maintains a strong focus on the culture of long-term growth through fair and friendly acquisitions. In 2022, Fairfax was ranked among the Top 20 Global Property & Casualty Insurance companies with the highest growth record. Additionally, Fairfax remains dedicated to corporate responsibility and giving back to communities where Fairfax does business worldwide. The company actively promotes continuous adherence to ESG policies and upholds ethical business practices.

Falcon Thailand, as a subsidiary of Fairfax Group, aligns with Fairfax's principles, particularly in underwriting practices, accuracy, fairness and promptness for claim management. Since joining the Fairfax Group in mid-2023, Falcon Thailand has gained confidence in enhancing its insurance capabilities and services to customers and partners through innovative and modern technologies supported by Fairfax Group companies worldwide. Looking ahead to 2024, Falcon Thailand aims to exceed 11% growth, focusing on Commercial Lines and Special Lines insurance products with support from Fairfax Group companies. The Company also plans to expand the market in Motor and A&H Insurance products, leveraging automated systems and collaborating with business partners aligned with Fairfax's guidelines. The Company has also prepared new comprehensive products and services which are set to be introduced to customers in 2024.

Fairfax and Falcon Thailand emphasise organisational culture, following Fairfax’s 8 values and guiding principles as a framework for employees globally. The Fairfax Asia Summit 2023 event included the presentation of the Fairfax Asia Ambassador Award to 9 employees from Fairfax Asia in recognition of their embodiment of "doing good, by doing well" values, as voted by their peers across the region.

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