A new AM Best report suggests that proposed changes to how the Hong Kong Insurance Authority (HKIA) assesses non-life insurers’ capital requirements, particularly for natural catastrophes, man-made risks, and offshore reinsurance business, could strengthen Hong Kong’s position as a global hub for reinsurance and risk management.
According to the rating agency, Hong Kong’s direct non-life market remains highly fragmented and competitive.
Growth in the segment has been subdued, remaining in the low-to-mid single digits over the past five years, as economic headwinds and the broader slowdown in mainland China continue to weigh on performance.
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