标普 全球及亚太地区再保险行业信息更新（2024年10月）.pdf

1、This report does not constitute a rating actionGlobal And Asia-Pacific Reinsurance Sector UpdateLive Webinar and Q&A Wednesday,October 30,2024ContentsPageGlobal Reinsurance Sector Update3 11Asia-Pacific Reinsurance Sector Update12 18Contacts19Related Research20GlobalReinsurance SectorGlobal Reinsure

2、rs Must Maintain Discipline To Cement Strong Performance Amid Casualty RisksWe maintain our stable view on the global reinsurance sector.The global reinsurance industry earned its cost of capital in 2023 for the first time in four years,and we expect it to do so in 2024-2025,solidifying our stable v

3、iew of the sector.Reinsurers earnings prospects are sound for 2024-2025 after strong operating results in 2023 and the first half of 2024,with the highest profit margins in many years amid favorable pricing in short-tail lines,healthy investment income,and strengthened capitalization with a buffer a

4、t the 99.99%confidence level.Reinsurers strategic positioning helped them mostly dodge last years elevated natural catastrophe losses from secondary perils,though they remain exposed to potential outsize losses from primary perils.Casualty pricing remains under scrutiny as U.S.liability loss reserve

5、s remain susceptible to inflation risk,especially from the soft underwriting years of 2014-2019.Operating PerformanceReinsurers delivered a very strong performance in 2023 and in the first half of 2024 based on strict underwriting and improving investment returns.Despite signs of moderation in prope

6、rty pricing,overall conditions are still favorable,and we expect the industry will continue to post strong results.Source:S&P Global Ratings.F-Forecast.The 2020 combined ratio included 8.8 percentage points related to Covid-19 losses.The top 19 global reinsurers are:Arch,Ascot,Aspen,AXIS,China Re,Co