Rating And Performance: Tough Competition Could Put Ratings On Global Reinsurers Under Pressure By Ali Karakuyu, Adrian Nusaputra and Taoufik Gharib
• Increased competition in the global reinsurance sector is likely to curtail earnings in 2014 and 2015. • Ratings are most sensitive to changes in the business risk profile. • Global reinsurers’ risk-based capital adequacy and enterprise risk management (ERM) capabilities continue to support an average financial strength rating (FSR) for the sector of ‘A’.
Global P/C Re IICRA Report: Insurance Industry And Country Risk Assessment On The Global Property/Casualty Reinsurance Sector Is Intermediate
By Taoufik Gharib, Dennis P Sugrue and Olga Ryabaya
• The effects of alternative capital are most acute in the U.S. property catastrophe markets and, to a lesser extent, in the international markets.
• Reinsurers’ ERM capabilities will face some tests in 2014, particularly with regard to underwriting controls and strategic risk management.
• The industry has experienced volatility from adverse claims settlements. Although there has not been material volatility on this front in recent years, the threat remains.
• The compounded effects of economic growth and increasing insurance penetration in emerging markets provide meaningful opportunities for growth.
Global Life Re IICRA Report: Life Re Carries A Low Industry And Country Risk Assessment
By Johannes Bender, Ferris Joanis and Dennis Sugrue
• Growth trends between developed and emerging economies could open up opportunities for life reinsurers to increase their market penetration in the faster-growing emerging markets.
• Life reinsurers’ past aggressive pricing on mortality business and poor experience on variable annuity risks remain a drag on earnings for some companies.
• It will be difficult for new entrants to organically build the expertise, client relationships, and underwriting data necessary to succeed in this market.
• We expect to see increased demand for reinsurance, as it is likely to be one of the main options available to insurers that need to improve their capital positions under Solvency II.
Global Reinsurance Highlights 2014
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