Despite heightened challenges — including climate risk and social inflation — AM Best's report suggests a stable, yet cautious global reinsurance market with opportunities for increased margins.
Despite two record nat cats in 2023, excess-of-loss reinsurance, strong capital adequacy, and inflation should provide stability and growth for NZ non-life market, though constrained reinsurance capacity and hardening of rates could dampen earnings in years to come.
Aon predicts APAC employers to see 9.7% rise in medical plan costs in 2024, driven by factors including return to pre-pandemic health care levels, high-cost treatments, chronic diseases, and global economic instability.
Hardening rates, cost of capital, the protection gap, climate change, cyber, and AI all featured prominently during Les Rendez-Vous de Septembre 2023.
At its Investor Day, IAG executives revealed rate hikes, expected perils costs, and expected business achievement for 2023.