HONG KONG--()--Many large-scale catastrophes occurred in the Asia-Pacific region in 2011, translating into sizable insured losses, according to a new report from A.M. Best Co. The region simultaneously experienced floods in Australia and Thailand, as well as earthquakes in New Zealand and Japan, adversely affecting the underwriting performance and financial strength of Asian reinsurers.
Whilst many have already restored their capital position in the first half 2012 by raising capital and/or releasing technical reserves, capital and claims reserves buffers remain thin, causing a change in companies’ appetite for risk as they shift their priorities toward profitability and building up a capital buffer, rather than growing premiums. A.M. Best expects Asian reinsurers to focus on preserving and replenishing capital before they aggressively pursue premium volume again.
This report looks at the impact 2011 had on markets in China, Taiwan, New Zealand, Australia, Singapore, Japan, Korea, and across the South East Asian region, as well as assessing some of the challenges faced in each of these territories.
To access a full complimentary copy of this special report, please visit www.ambest.com/press/092604asiapacificspecialreport.pdf.
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