AM Best's APAC reinsurance composite shows combined ratio improved from 94.5% in 2022 to 91.6% in 2023, off the back of favourable earnings and absence of major cat events.
Big three P&C insurers benefit from economies of scale and brand recognition which creates a challenging environment for small and medium size insurers.
GlobalData expects the sector to grow at a CAGR of 5.2% over the next five years, driven by “heightened private expenditure and enhanced investment activities.”
