OLDWICK, N.J., Sept 4 (Bernama-BUSINESS WIRE) — As reinsurance industry leaders prepare to gather in Monte Carlo for the annual Rendez-Vous de Septembre, AM Best’s latest research on the global industry highlights the segment’s strong technical results amid an ongoing shift to the IFRS 17 reporting standard that has altered the performance analysis of these companies.
Now available in one comprehensive volume, featuring exclusive extra content, AM Best’s in-depth analysis of key segments and regional markets spotlights a global momentum that was the main driver of AM Best’s first-ever positive outlook on the reinsurance segment in June 2024. Given the comprehensive de-risking measures and a realignment of interests between reinsurers and primary carriers, albeit with a lack of new company formations, AM Best expects the hard pricing conditions to last longer than in previous cycles. At the same time, IFRS 17, which became effective on Jan. 1, 2023, has been adopted by many reinsurers, and this move has created challenges for users of the new financial standard as they adjust to its provisions. This change also has prompted AM Best to modify its listing of the largest reinsurers, depending on the reporting standard used.