Club is expecting a rise in premiums and improved COR for the current financial year, but said the "prudent" rate rise reflects ongoing claims volatility and geopolitical risk.
China captured the largest share of global cargo premiums and the second-largest in hull, lifting Asia-Pacific’s combined marine premiums to nearly one-third of the global total.
Despite increased competition and falling rates, (re)insurers are focused on bespoke solutions and product innovations that can help reduce region's growing cyber protection gap.
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.
