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Hong Kong stands at a pivotal moment in its evolution as a global financial centre. Economic realignment, geopolitical tension, extreme weather events and talent shortages dominate headlines. Yet, according to Seth Peller, CEO of Marsh Hong Kong & Macau, the most consequential threats are unfolding more quietly — and far more systemically.
Climate volatility. AI acceleration. Workforce fragility. Geoeconomic uncertainty.
“These risks are no longer separate,” he says. “They are interconnected — and every decision to mitigate them has consequences.”
With more than 30 years in the insurance and risk advisory industry, Peller has held leadership roles across London, New York, Latin America and Asia, before taking the helm in Hong Kong and Macau. Today, he steers the strategic direction and operational performance of Marsh Risk and Mercer under the Marsh brand. His perspective is shaped not just by markets, but by lived crises.
“When you see one of those mega storms and you experience that, it definitely increases your awareness,” he says. “Quite often, if people haven’t lived through it, they don’t understand the potential consequences.”
Changing the Game
Climate risk, Peller argues, is still being underestimated across Asia. “Last year Asia had four of the six costliest extreme weather events worldwide — and we are warming twice as fast as the global average,” he said.
Hong Kong alone faced nine major storm systems in a single year. While the city avoided catastrophic direct hits, the financial exposure was unmistakable.
Reflecting on a significant marine-related loss, he notes: “Maybe it doesn’t sound like a lot of money, but actually it’s a big impact financially… that risk was underestimated.”
For Peller, the issue is not simply exposure — it is mindset.
“I think it’s just the case of boards being more proactive, instead of post-loss review.”
Historically, many organisations have relied on insurance as a reactive safeguard. Marsh is pushing clients toward a different approach: proactive resilience built on data, modelling and governance.
“The risk may be remote,” he says, “but the due diligence and governance process makes sure you’ve taken all these factors into account.”
This philosophy aligns with Marsh’s broader evolution. The group advises more than 90% of the Fortune 500 — one-third of them headquartered in Asia, and recently unified its four businesses under an integrated brand strategy – not as a cosmetic refresh, but as a strategic response to converging risks.
“Our vision is to be the most impactful professional services firm in the world,” Peller says. “The brand strategy is a step towards that.”
Previously, clients might engage Marsh for insurance advisory and placement, Mercer for workforce insights and transformation, Oliver Wyman for strategy and Guy Carpenter for reinsurance and capital — often without realising the connectivity. The new approach simplifies that engagement.
“They want insights that go across the company…having collective perspectives to address risk, people and strategy is a key link to clients — and none of our competitors can actually offer what we can.”
In a landscape where climate affects capital allocation, AI affects workforce models and cyber threats impact enterprise value, integration is not optional. It is essential.
Shaping Tomorrow
If climate risk defines one axis of transformation, artificial intelligence defines another.
“AI and tech advancement is rapidly outpacing governance as well as regulation — and particularly workforce readiness,” Peller says. “That exposes businesses and critical infrastructure to evolving risk structures.”
Cybersecurity risks are being amplified by AI-driven fraud and social engineering. At the same time, workforce capability gaps are widening.
“Low cyber- threat (remove spacing) literacy is now Asia’s top people risk.”
Only 51 per cent of leaders, he notes, feel prepared to integrate AI effectively with human skills. That gap has implications beyond productivity. He argues that it affects competitiveness, culture and confidence.
“A lot of questions I get are: ‘Are we going to be displaced by AI?’ You’re not,” he says. “What you need to do is to upskill, so you understand how to use AI in your job.”
He frames the issue clearly: “You’re not planning to build robots in suits. What you need to learn is how to use AI to do your job more effectively.”
For Peller, talent, not technology, is the true differentiator.
“Talent is the true force multiplier in an AI-driven world.”
His advice to organisations is direct: “Start with the people and the work they do, not the tech.”
That means embedding AI literacy, redesigning work for human-AI collaboration, strengthening cyber governance and combining enterprise risk management with insurance solutions to mitigate financial and operational shocks.
Climate adaptation, meanwhile, requires equally systemic thinking. Hong Kong is positioning itself as a regional climate finance hub, but modelling based purely on historical probabilities is no longer sufficient.
“Looking at a one-in-50 or one-in-100 storm may not be sufficient to make a decision today,” he says. “Just because you look at the past to guide you doesn’t mean that’s what you should expect in the future.”
To address this, Marsh launched the Centre for Climate Adaptation and Resilience Excellence (CCARE).
“We’re taking the lead in helping businesses pivot their climate adaptation strategy in response to climate change effectively,” he says.
CCARE integrates climate modelling, capital advisory and risk transfer solutions — enabling organisations to embed resilience into long-term planning rather than treating it as an environmental compliance exercise.
What does a truly resilient organisation look like in five to ten years?
“The risk landscape is increasingly interconnected,” Peller says. “Organisations need to invest in data analytics and scenario planning to anticipate challenges with clarity and act with confidence, rather than react to them.”
That includes adopting an enterprise risk management framework and having robust business continuity management, such as crisis management, incidence response and business continuity plans in place. “Confidence has to be built on data — timely and trusted insights on risk and people.”
Resilience, in his view, is not a policy. It is an organisational capability.
Lessons That Last
Across three decades and multiple continents, Peller has observed cycles of crisis and reinvention.
“The main principle that remains constant is the client-first principle,” he says. “It’s going above and beyond… leaving no stone unturned.”
He describes it not as service, but as culture.
“We have to put the client at the very centre of every decision that we make. It goes beyond basic customer service. It’s almost a culture of being totally obsessed with the client in a way that’s proactive, not reactive.”
That philosophy is reinforced by Marsh’s structure: deeply local, yet globally powerful.
This balance is particularly important in Hong Kong, which serves as a gateway for Mainland Chinese companies expanding internationally.
“They come through Hong Kong to engage Marsh’s global network,” he says. “That strength is probably unrivalled.”
For younger professionals entering the industry, Peller’s advice is both practical and revealing.
“Be curious,” he says. “Go into the news every day. Speak to other teams. Collaborate.”
There is, he insists, no penalty for inquiry.
“There’s no such thing as a stupid question.”
International mobility has been equally transformative in his own career.
“Working overseas really helps you open your mind,” he says. “If you get the opportunity, use it.”
Within Marsh, movement across geographies and across businesses is actively encouraged. Not everyone wants to do the same job for life, he acknowledges. For those who seek breadth, the ecosystem allows reinvention without departure.
In an era defined by climate acceleration and technological upheaval, Seth Peller’s philosophy is steady but forward-looking.
Resilience must be proactive. Data must guide instinct. Talent must evolve alongside technology. And clients must remain at the centre of every decision.
Changing the game, for Marsh, is not about predicting the next crisis. It is about helping organisations build the capacity to withstand it and to emerge stronger on the other side.
