Theo Pitsikas has been promoted to Asia-Pacific head of SME at Zurich and will leave his Australia and New Zealand position for the newly created role in Singapore next month.

“Given the relatively low penetration in developing markets for SME in southeast Asia, with only 15% of all micro-SMEs insured against natural disasters, Theo will be supporting Zurich’s Asian markets to build compelling ... propositions that help close the protection gap and provide greater resilience to this critical business segment,” the insurer said.

“A major area of focus will be expanding Zurich’s SME footprint in the high-growth markets of India, Malaysia and Indonesia, as well as improving ease of selection and purchase using digital channels by working closely with in-country teams.”

Mr Pitsikas will report to Asia-Pacific head of commercial insurance and chief technical officer Sean Walker.

Mr Walker said: “Theo has been pivotal in growing our SME portfolio in Australia, where we have established a highly successful platform and SME proposition. [His] appointment is a strategic step forward as we accelerate plans to scale our support to this vital sector.”

Zurich digital portfolio manager James Garrett will replace Mr Pitsikas as head of SME general insurance in Australia and New Zealand.

Zurich head of general insurance Alex Morgan says Mr Garrett, who is based in Sydney, brings a “wealth of SME experience and understanding” after more than a decade developing broker relationships. His current position includes responsibility for a large portfolio of SME customers.

“This will bring both continuity and a fresh perspective as we seek to further advance our proposition and competitive position,” Mr Morgan said.