The agency said the changes are unlikely to be meaningful enough in most cases to negatively affect insurers’ credit profiles, even if firms adjust investment, hedging and product design.
Insured losses from the event were estimated at US$300m, as global economic losses reached US$37bn, 43% below the 21st-century average and the lowest since 2015.
APAC insurers are well positioned to absorb Middle East-related stresses, but insurers in Singapore stand out owing to their position as a major shipping and insurance hub.
