Reinsurers in Singapore, South Asia report solid 2024 earnings: AM Best

However, competition is beginning to intensify as pricing momentum slows.

Reinsurers based in Singapore and across South and Southeast Asia reported strong results in 2024, supported by solid underwriting performance, higher investment income, and limited catastrophe losses, according to AM Best’s “Reinsurers’ Disciplined Capital Deployment and Underwriting Remain Key Foundations.”

Data from the Monetary Authority of Singapore (MAS) showed Singapore-domiciled reinsurers recorded about $0.8b (S$1.1b)in underwriting profits from Offshore Insurance Fund business in 2024, roughly unchanged from the previous year.

Regional reinsurers also saw solid earnings, helped by firm pricing and better terms following recent market corrections. 

However, competition is beginning to intensify as pricing momentum slows in better-performing segments.

Retrocession renewals in 2025 were largely stable, with pricing easing after sharp increases in prior years. 

Reinsurers with diversified portfolios and strong loss histories secured better terms, whilst named-peril covers remained preferred over multi-region programmes. 

Most reinsurance renewals proceeded on an as-expiring basis, though some cedents increased limits due to higher catastrophe losses and inflation-driven property values.

Improved underwriting margins and pricing adequacy have drawn new capital and encouraged existing reinsurers to expand capacity. 

This has led to over-placements in several Southeast Asian and Indian treaties and increasing pressure on rates. 

Reinsurance pricing across Southeast Asia, India, Australia, and New Zealand has softened or remained flat, signalling a possible shift toward a more competitive phase.

Loss-affected and catastrophe-exposed programmes continue to see firm pricing as reinsurers maintain selective risk-based pricing. 

The June 2025 Air India crash, one of the region’s largest aviation losses in recent years, is expected to tighten terms and reduce capacity in the aviation reinsurance segment.

In property-catastrophe lines, reinsurers are taking a more cautious stance toward frequent weather events such as typhoons and floods. 

Major losses from Typhoon Yagi in Vietnam, flooding in Thailand and India, and typhoons Trami and Gaemi in the Philippines have kept upward pressure on pricing and capacity.

Regulatory reforms in India have boosted reinsurance competition, particularly after granting GIFT City’s IIOs parity with Foreign Reinsurance Branches, attracting more foreign reinsurers and supporting smoother renewals.

Across Southeast Asia, reinsurance demand remains strong as insurers seek higher catastrophe limits and capital protection.