Non-life insurer earned a 'AA+(idn)' National IFS rating as Fitch cited stronger profitability, adequate capitalisation, and majority ownership by South Korea's Hanwha Life Insurance.
Violent demonstrations in Kathmandu caused extensive damage to businesses and institutions, with reinsurance, primarily through Nepal Re, expected to cover the majority of industry losses.
Marine hull premiums rose by double digits across both onshore and offshore business, with offshore underwriting profits seeing a 167% rise, as claims fell.
Although North America and Europe dominate the cyber insurance market, Swiss Re noted that there is significant potential for future growth in the Asia Pacific Region.
