A.M.BestTV: Growth Elusive in Asia-Pacific Reinsurance Markets

OLDWICK, N.J.--(BUSINESS WIRE)-- This third in a series of “First Monday” episodes spotlights reinsurance conditions in the Asia-Pacific region, including buying trends, barriers to growth and regulatory challenges. The episode features analysts from A.M. Best’s Singapore and Hong Kong offices, including:

• Moungmo Lee, managing director, analytics, A.M. Best Asia-Pacific (Singapore) Pte. Ltd.;
• Seewon Oh, associate director, analytics, A.M. Best Asia-Pacific Ltd.;
• Chi Yeung Lok, senior financial analyst, A.M. Best Asia-Pacific (Singapore) Pte. Ltd.; and
• Ken Chow, senior financial analyst, A.M. Best Asia-Pacific Ltd.

Click on http://www.ambest.com/v.asp?v=fmasiapacific1215 to view the entire program.

The next “First Monday” episode will focus on European insurers’ strategies to look overseas for growth due to saturated domestic and difficult economic markets. First Monday is A.M. Best’s monthly program featuring commentary by the company's leading analysts.

Of the 50 top reinsurance groups in A.M. Best’s 2015 ranking, the Asia-Pacific region accounts for slightly more than 10% of the total global non-life reinsurance gross written premiums.

“The major changes influencing Asian reinsurance are not that different from the global market, all are very soft,” said Lee. “However, Asian reinsurers are much more proportional writers, which make them less susceptible to the global softening. Additionally, primary reinsurers in Asia are retaining more business.”

“Recently, there have been large scale acquisitions by Japanese companies, especially in the difficult markets, such as the United States,” said Oh. “A.M. Best expects these Japanese companies to benefit from these acquisitions in terms of business profits, since these companies should also achieve a more diversified risk profit in terms of geography and product lines.”

Lee said that the biggest opportunities for growth in Asia are in China and India, and noted that those two countries are each experiencing major regulatory shifts. Lok and Chow spoke about the new regulations affecting reinsurance in each market.

Recent episodes of A.M.BestTV include:

• Asbestos Claims Dropped 38% in 2014: A.M. Best Assistant Vice President Gerard Altonji, discusses how insurance industry losses from asbestos and environmental claims dropped sharply in 2014: http://www.ambest.com/v.asp?v=fmasbestos1215.
• Pricing Erosion Threatens U.S. Workers’ Compensation Line: A.M. Best Senior Financial Analysts Gordon McLean and Brian O’Larte, discuss how future underwriting results in the U.S. workers’ compensation segment could be hampered by rate softening: http://www.ambest.com/v.asp?v=fmworkcomp1215
• Risk Takers: Many Paths to Starting an Insurance Company: Interviews from Best’s Review Senior Associate Editors, Kate Smith, Lori Chordas and Angelo Lewis, on the cover story of the December issue of Best’s Review, titled, “Risk Takers”: http://www.ambest.com/v.asp?v=risktakers1215.
• Skipping the Desktop: Technology Upends Asia’s Insurance Markets: At the recent Pacific Insurance Conference in Manila, Philippines, attendees said the proliferation of technology in the Asia Pacific region makes social media and smart phones the best way to reach the region’s youthful population: http://www.ambest.com/v.asp?v=21215nc.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151209006224/en/

A.M. Best
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
[email protected]

Source: A.M. Best

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