瑞士再保险 亚洲资本管理：精算师对背景、选择和影响的看法.pdf

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1、Capital management in Asia:an actuarial view on the context,options and implicationsValerie Gilles-CoeurBernice ZhangSingapore Actuarial Conference 202428 August 2024August 20242The constrained operating environment:through the lens of an insurerResilientglobal economyInsurance market returnsInflati

2、onary pressuresRegulatory calls for resilienceUnderwriting cycleAugust 20243The constrained operating environment:through the lens of an insurerUnderwriting and investment results in%share of net premiums earned,ROE and CoC in%Note:The eight markets covered are US,Canada,UK,Germany,Italy,France,Japa

3、n and Australia.Source:Swiss Re InstituteResilientglobal economyInsurance market returnsInflationary pressuresRegulatory calls for resilienceUnderwriting cycleNon-life insurance operating results and investment income,G8Non-life real premium growth by regionsAugust 20244The constrained operating env

4、ironment:through the lens of an insurerResilientglobal economyInsurance market returnsInflationary pressuresRegulatory calls for resilienceUnderwriting cycleBalance sheet capitalClaimsDisinflation in property and motor while social inflation and war-related risks persist.Underwriting uncertainties c

5、ontinueCatastrophe lossesContinued exposure growth at 5 7%CAGRProfitability ofnew businessAdequate risk pricing after years of underpricing although direct price impact still trickling through.However,more resilient underwriting structuresRe-investment yieldsCurrent peak of yields although set to re

6、duce with interest rate cuts expected in the medium termImproving but still below year-end 2021 and the need to grow in line with riskSource:Swiss Re InstituteUnderwriting cycleAugust 20245Resilientglobal economyInsurance market returnsInflationary pressuresRegulatory calls for resilienceThe constra