在资本充足的亚太市场发现新的增长机会

FUTURE GROWTH OPPORTUNITIES Guy Carpenter’s Tony Gallagher explores theoutlook for insurers and reinsurers in Asia Pacific With the rise of secondary perils, cedants in theregion are increasingly leveraging reinsurers’appetite for alternative risk management solutions,such as catastrophe bonds, structured solutions andsidecars, which continue to grow across APAC. The 2025 reinsurance renewal cycle saw atransition from a sellers’ market to a buyers’market in Asia Pacific, characterised by widespreadrate reductions. The drivers of this change wereincreased capacity against a backdrop of modestcatastrophe loss activity and positive reinsuranceresults over recent years. Reinsurers’ dedicated capital is projected to reachapproximately $650 billion by year-end 2025, thehighest level since 2018, supported by strong retainedearnings and growth in insurance-linked securitiescapital. Reinsurers are expected to maintain strongprofitability, attracting investors to both traditionaland alternative capital. UNDERSTANDING MARKET DYNAMICS In APAC, softening market conditions and easingrates encourage cedants to reinvest premium savingsinto innovative protection programs, particularlyin renewable energy sectors, including solar, windand battery storage. These sectors’ rapid growth hasincreased reinsurance demand due to weather andtechnology risks. In today’s evolving landscape, success hingeson the ability to navigate heightened volatility,capitalise on growth opportunities in a softeningmarket and grow capital without escalatingrisk exposure. The APAC region will continueto be a strategic priority for reinsurers in 2026,underpinned by strong underlying growth and atrack record of robust (re)insurance results. Partnering with MGAs offers a strategic path toaccess niche markets and innovative distributionchannels. MGAs lower the “cost of entry” forunderwriting specialised risks, accelerating growthand fostering innovation in underserved segments. •Growth:Insurance penetration continuesto deepen across APAC, fuelled by greaterunderstanding of insurance’s critical rolein economic stability and development.Enhanced risk management standards areimproving underwriting quality, whilepersistently low inflation is easing pricingpressures and reducing reserving risksacross key lines, such as property, motor andcasualty. LOOKING AHEAD TO JANUARY 1 The market is expected to continue its softeningtrend, influenced by the unfolding dynamicsof catastrophe risks, geoeconomic factors andgeopolitical developments. New opportunities willemerge from product innovation, structured solutionsand parametric products, which can help addresssome of the complexity currently surroundingthe industry. The upcoming reinsurance cycle islikely to shift focus from softening toward strategicoptimisation, presenting an ideal opportunity forclients to enhance protection across earnings, capital,perils and growth. •Volatility:Although APAC’s catastrophelosses represent a relatively small share ofglobal losses, ranging between 7% and 10%,the frequency of smaller loss events (below$2 billion) has surged by roughly 30% abovethe 10-year average. Given current treatyattachment points, most of these smaller lossesare retained by cedants, which increasesprofit volatility and underscores the need for arefined risk management strategy.•Capital:In northern Asia, well-capitalised HOW GUY CARPENTER CAN HELP At Guy Carpenter, we deliver unmatched insightsinto the global (re)insurance market to help clientsachieve capital, growth and volatility objectives. Ourstrategic experts continuously innovate to addressevolving risks. By partnering with advanced analyticsteams, cedants and reinsurers collaborate to createtailored capital solutions. Improved underwriting anddata quality reduce pricing uncertainty and productcomplexity, driving business growth and enhancingcapital returns in upcoming renewal cycles. insurers are actively pursuing expansion,while in continental Asia, IFRS 17 accountingstandards are expected to drive marketconsolidation. The key change in 2026 will bethe introduction of earnings protection covers,enabling insurers to protect capital fromthe growing volatility in underlying results,thereby sustaining financial resilience in theoverall portfolio. Tony Gallagheris CEO, AsiaPacific