New Study On Reinsurance Hubs Released
Research and Markets — a leading international market research and market data firm — on Monday [Apr. 29] announced the addition of the “2020 Foresight Report: Reinsurance Hubs” report to its catalogue of publications.
A Research and Markets spokesperson said: “Growing uncertainties in the global economy and the increasing occurrence of natural disasters have increased the importance of reinsurance. Insurers are, as a result, actively seeking the benefits of reinsurance to maintain profitability and optimisation of returns per unit of risk undertaken. To capitalise on this, reinsurers are expanding their product portfolios and reinsurance businesses globally.
“Reinsurers operating through hubs generate most of their revenues from offshore markets, with the domestic reinsurance markets in hubs such as Singapore, Bermuda, Switzerland and Hong Kong being very small. Singaporean reinsurers generate more than 90 percent of their revenues from overseas markets such as Japan, China and South Korea.
“Most reinsurers set up offices in reinsurance hubs due to favorable regulatory and tax structures, and also to gain access to neighboring markets. While reinsurers operating from Bermuda cater to demand from North and Latin America, reinsurers from Switzerland and Singapore serve European and Asia-Pacific markets. However, reinsurers based in the world’s largest reinsurance market, the US, primarily focus on domestic business.”
The new report includes a country profile and analysis of Bermuda and locally-based companies referenced in the study include Amlin Plc, Everest Re, PartnerRe and Validus Holdings Ltd.
For further information visit Research and Markets’ website here.
