In this video interview with Insurance Asia News, Guy Carpenter’s Tony Gallagher, CEO, Asia Pacific, provides his insights on reinsurance market trends in Asia Pacific.
“When I look at the market, I see reinsurers with high rates, good returns, and I see insurance companies with lower returns, but also still quite profitable,” Tony said. “So, you’ve got both industries making profits, the reinsurers with higher profits at the moment, that’s driving a desire really to continue to build their businesses, and you’re seeing a softening of the market.”
“Across the 1st of January, the 1st of April, the 1st of July, it’s been a similar trend where the rates have slowly but surely dropped down. In the insurance market, too, you’re seeing a similar sort of trend,” Tony continued. “I would expect this to continue through the rest of this year. A large natural peril disaster could change the pattern, but barring that, you would see a similar sort of trend going through.”
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