HONG KONG, Aug 29 (Bernama-BUSINESS WIRE) — Major Asia-Pacific reinsurers sustained the ability to deliver stable operating and return on equity ratios in 2021, with average annual net premium growth of nearly 10% in the most recent five-year period, according to a new AM Best report.
The new Best’s Market Segment Report, “Asia-Pacific’s Major Reinsurers Deliver Stable Performances Amid Growing Competition and Uncertainty,” is part of AM Best’s month-long look at the global reinsurance industry ahead of Rendez-Vous de Septembre in Monte Carlo. Based the operating performance of a group of selected Asia-Pacific domiciled reinsurers that rank among the top 50 largest reinsurance groups globally, as calculated by AM Best, 2022 is shaping up to be another profitable year thanks to benign natural catastrophe activity in the region in the first half of the year. Pricing momentum in most Asia-Pacific markets is also expected to firmly support premium rate increases for the 2023 renewal seasons, given the recent years of underperformance and retrocession capacity reduction in the global reinsurance market.