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.
Reinsurer says it expects generally stable prices and conditions, but Asia regions may see carriers opt for increased retention to manage potential reinsurance rate hikes.
High-quality new capacity is set to continue to enter Australasia's construction insurance market in the latter half of 2024 and the early months of 2025.
