The Asia-Pacific region’s economy is the fastest growing in the world, resulting in an evolution into one of the largest re/insurance markets.
This is promising in terms of business opportunities due to the insurance density being lower than in more mature markets.
It is predicted that P&C insurance growth rates will improve over the medium to long term, as well as the health and provision sector, which will ultimately benefit reinsurers.
Hannover Re has continuously grown its footprint in the region throughout recent years and now has an efficient network of local subsidiaries, branches and representative offices.
The reinsurer is now in a good position to take advantage of the opportunity and to further reinforce its market positioning through targeted measures in specific subsegments.
The company had noted that it’s imperative to design suitable insurance solutions as protection against natural disasters and to further boost insurance density. Narrowing these protection gaps opens up opportunities for insurers and reinsurers alike to underscore their social relevance.
Furthermore, Hannover Re has launched a strategic initiative intended to maximise even more intensively the growth potential offered by its business in the APAC region.