OLDWICK, N.J., Sept 23 (Bernama-BUSINESS WIRE) — Long-Term Issuer Credit Rating (Long-Term ICR) upgrades exceeded downgrades for AM Best-rated Asia-Pacific (re)insurers in 2023, driving predominantly by improved balance sheet strength and favorable operating performance, according to a new AM Best report.
The Best’s Special Report, “Asia-Pacfic Benchmarking: Positive Signs While Navigating Climate and Geopolitical Uncertainty,” states that eight Long-Term ICRs were upgraded in 2023 with four downgraded on a range of factors, including falling Best’s Capital Adequacy Ratio (BCAR) scores and weakening operating results. Additionally, AM Best assigned 10 new ratings in the region during the year.