Catastrophes to spur property insurance rate hikes in Asia: Standard & Poor’s

9/27/2018 5:46:00 AM

Source: Business Insurance

U.S.-based S&P Global Ratings Inc. said that property insurance rates are expected to rise moderately in Asia following catastrophe-related losses in the region, Asia Insurance Review reported. The ratings agency said that Asian insurers are likely to suffer most of the losses while foreign reinsurers could record business interruption and flood damage-related losses. Insurers and reinsurers in Asia are using outdated catastrophe risk models to determine risk pricing and reinsurance cover which could lead to pricing inadequacy, S&P Global added.