Despite economic turbulence and sector-wide risks, S&P Global Ratings has improved the sector's outlook, from negative, attributing the upgrade to underwriting performance and strategic pricing.
Major Chinese insurers are unlikely to face a crisis due to the country's falling property market, however the extent of exposure for smaller and privately backed players is unclear.
Insurance firms have raised 'war risk premiums' for vessels in Russia's Black Sea ports amid escalating tensions and reported attacks, adding to the country's overall oil export costs.
The Swiss Re Institute identified NatCat, agri, health, and mortality as four key perils - with the protection gap widening to US$1.8 trillion globally.
