HONG KONG--(BUSINESS WIRE)-- Global reinsurance rates are set to rally after a 2011 that has seen US$60 billion in losses so far, mainly from Asia/Pacific catastrophes, according to a new A.M. Best Co. special report highlighted in the current issue of BestWeekAsia-Pacific.
A.M. Best said the March 11 earthquake and tsunami in Japan alone caused an estimated $30 billion in insured losses, although recent reports indicate that reinsurance claims may be developing more favorably than companies had initially feared.
Also in BestWeek Asia/Pacific, China’s government plans to ease rules on cross-border yuan-denominated reinsurance transactions, a move that could accelerate the development of the country’s reinsurance market.
The 6 September edition is available at www.bestweek.com/asia and www.bestweek.com.
Other features of this issue include a video on the performance of global insurance stocks, and a Best’s Underwriting Guide Snapshot on the workers’ compensation risks faced by refrigeration contractors.
BestWeek is published by A.M. Best Co. for insurance professionals. To subscribe, visit www.ambest.com/sales/BestWeek.
Founded in 1899, A.M. Best Co. is the world’s oldest and most authoritative insurance rating and information source.For more information, visit www.ambest.com. Copyright © 2011 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.
A.M. Best Company, Inc.
Iris Lai, +(852) 2827 3400
iris.lai@ambest.com
Source: A.M. Best Company, Inc.
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