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Property reinsurance pricing in Asean, China rises by up to 20%

Posted On: Jan. 5, 2023 9:43 AM CST

Reinsurer Gallagher Re said that property reinsurance pricing on loss free risk and cat programs in the Southeast Asia and China grew by up to 20% at the Jan. 1 renewals, with even larger increases seen in Taiwan and South Korea, Asian Insurance Review reports. In South Korea, significant loss activity over the past 12 months resulted in a significant hardening of pricing and terms with several reinsurers exiting the market entirely.