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Inflation, natural disasters will impact Asia-Pacific reinsurance in 2023

In 2023, insurers in the Asia-Pacific region will continue to combat their exposure from risk related to the ongoing war in Ukraine, GlobalData says.

A map of the Asia-Pacific region The top reinsurance markets in the region are Japan, China, Australia, Hong Kong and South Korea, which held a collective 84% share of the Asia-Pacific market as of 2021. (Credit: PSboom/Shutterstock.com)

Over the last three decades, the Asia-Pacific region has experienced the highest number of Nat-Cat events of any spot on the globe, and a recent report from GlobalData shows that these natural hazards – which included flooding, drought, typhoons, earthquakes and heatwaves in 2022 alone – combined with inflation could hinder growth in the region’s reinsurance market in 2023.

The top reinsurance markets in the region are Japan, China, Australia, Hong Kong and South Korea, which held a collective 84% share of the Asia-Pacific market as of 2021. MunichRe estimates the region suffered around $70 billion in losses in 2022, with around $10 billion of that loss insured.

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Brittney Meredith-Miller

Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected]

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