Until Next 10 Years Non-life Reinsurance Market will be Growing by 5.4 Percent; Swiss RE Projected
Kathmandu : Swiss Re projected that it’s Non-Life reinsurance Market is growing at the rate of 5.4 % annually and also says that it will continue until 10 years of time period in the same rate.
Against this backdrop (Pandemic and Economic Crisis), the non-life reinsurance market is expected to grow above GDP, driven mainly by inflation and urbanization. The 10-year outlook for the market in USD shows nominal growth of approximately 5.4% per year, or around 3% if adjusted for inflation. Following years of weak performance and above-average natural catastrophe activity, the reinsurance market is reverting to a more sustainable level of risk-adjusted pricing. This trend is expected to continue at the upcoming January 2024 renewals.
Swiss Relay held a press conference today and announced that the share of reinsurance of non-life insurance as a proportion of GDP will increase further due to the increasing awareness of the public about risk, increasing economic crisis and risk management.In the press conference, Urs Baertschi, Chief Executive Officer of Property and Casualty Reinsurance, Reinsurance Underwriting Chief Executive Officer Gianfranco Lott, Moses Ojisekhoba, Chief Executive Officer of Global Customer Problem Solving, addressed the curious.
Swiss Re has expressed its determination to advance the cyber insurance program globally. At a press conference, Gian Frant’s Lot said that their research shows that cyber insurance will spread across Europe in the next decade. He said that it is necessary to increase access to cyber insurance in developing and poor countries like Nepal and for that the company is working to increase access to cyber insurance worldwide.Swiss Re has addressed The World’s non-life insurance problems, its future, renewable insurance stakeholders in the coming year 2024.
In the communication program, they discussed about many important topics such as; the promising market growth in non-life reinsurance, the goal of reaching above the gross domestic product in the next decade, the commitment of continuous participation in new risks, the development of capacity in adequate reinsurance, the need for taking adequate insurance risks, the export capacity of insurance among natural risk rebalancing, risk sharing, etc.In the press conference, he discussed about risk taking, awareness raising, importance and growing popularity of Swiss Re, development of advanced underwriting statistical system, technology based risk analysis, sustainable reinsurance market for insurance value chain, etc.
According to Swiss Re, work will be done for the sustainable development of insurance in the program. It said that new risks are also emerging together with the growing potential of the insurance sector, to save that reinsurance will be made more reliable through new technology.
Swiss Re made it so much sure due to the reasons such as; the global economic recession, the world’s insurance companies are facing strong risks, and the company’s vast fund operations are facing acceptable profits and the future and importance of reinsurance is increasing.