The combined impact of HK RBC and IFRS 17 has led to an improvement in: product mix, economic valuation, and corporate governance by insurers, says Chow Tai Fook CFO.
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.
Reinsurers and life firms face the biggest impact of an accounting change which moves the industry away from relying on Gross Written Premiums as a way of reporting revenue.
