Tides turning for reinsurance on higher interest rates, lower Covid-related claims
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Tan Nai Lun
REINSURERS are being lifted by a rising tide of higher interest rates and lower claims. Next year could be an even better year, as emerging Asia’s growing wealthy raise their purchases of life and health (L&H) insurance.
The reinsurance industry, which insures the insurance companies, was badly hit in 2020 by unusually high claims linked to climate-related catastrophes and the Covid-19 pandemic.
Munich Re, the world’s largest player, reported a 55 per cent decline in its 2020 profit. Swiss Re, the second-largest, reported a loss.
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