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Fitch: Huge Growth Potential for Asian Reinsurance
August 5, 2013 / 1:02 AM / 4 years ago

Fitch: Huge Growth Potential for Asian Reinsurance

(The following statement was released by the rating agency) Link to Fitch Ratings' Report: Asian Reinsurance Markets here SINGAPORE/HONG KONG, August 04 (Fitch) Fitch Ratings says that the robust development of insurance in Asia, coupled with the region's low contribution to global reinsurance premiums written and strong economic growth, underlines huge growth potential for reinsurance. In a special report published today, Fitch says many Asian markets have low insurance penetration, in particular the untapped Chinese and Indonesian markets. Although Asia has been affected by an increase in the frequency and severity of natural catastrophes in recent years, there have been fewer events since 2011. Premium rates for regional reinsurance policies renewed during 2012-2013 have reached a plateau, except for some marginal rate increases for selected policies written on catastrophe-prone areas within Asia. The report notes that demand for reinsurance is likely to benefit from an evolving regulatory environment as regulators strive to improve the overall financial health and risk management capabilities of insurers. Fitch believes that as direct insurers review their risk management strategies and appetites in line with tighter regulatory initiatives, insurers may transfer more risk to reinsurers. The report "Asian Reinsurance Markets: Fall in Regional Natural Catastrophes; Huge Growth Potential" is available at www.fitchratings.com. Contacts: Wan Siew Wai Senior Director +65 6796 7217 Fitch Ratings Singapore PTE Ltd. 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Jeffrey Liew Senior Director +852 2263 9939 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com. Additional information is available on www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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