Industry estimates have varied dramatically, but AM Best anticipates insurance losses from 3 Apr earthquake will not exceed Meinong earthquake's US$500m in losses.
Claims to be well in excess of GXL US$100m attachment point, leaving reinsurers bearing bulk of insured cost, but risk understood to be spread across 80 reinsurers.
With efforts to improve profitability and a strong capital position, Japan's GI industry received a stable outlook despite nat cat and macroeconomic challenges.
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...
