Amid rebounding markets in Asia Pacific, Gallagher Re launches inaugural Market Watch report

Amid rebounding markets in Asia Pacific, Gallagher Re launches inaugural Market Watch report 150 150 Haggie Partners

Gallagher Re, the global reinsurance broker, has today launched its first Asia Pacific Market Watch, which explores the headwinds and tailwinds currently shaping markets in the region.

The report aims to aid the understanding of the various jurisdiction-specific features of the Asia Pacific (APAC) region, with a view to highlighting its potential: APAC, which currently accounts for 25% of the global insurance sector, might yet live up to its reputation as the insurance industry’s growth engine, according to the report.

Specifically, it delves into:
• How a tougher economic backdrop and a tightening of reinsurance capacity are prompting APAC insurers to look at optimizing their balance sheets and consider new operating models.
• The prolonged challenges associated with inflation.
• The El Niño — Southern Oscillation (ENSO), and whether its impact is being disproportionately attributed to climate change.
Mark Morely, Managing Director of APAC at Gallagher Re, said: “The primary challenge in this richly diverse region remains a lack of insurance coverage, with penetration rates in certain regions still less than half that of the US/Europe. However, despite the adverse economic situation, the fast-moving emerging markets that slowed during the pandemic now appear to be rebounding.

“This is a region with huge potential. We hope that this report will prove helpful to those who are interested in APAC’s specific markets, as well as some of the broader themes experienced collectively across the Non-Life insurance market in the region,” he added.

The Gallagher Re Asia Pacific Market Watch will be released annually, providing an in-depth analysis of how the region is developing – and in which areas – year-on-year. The first report can be downloaded now.