Supply chain disruptions, climate risk continue to challenge APAC firms

According to U.K.-based Aon PLC's Global Market Insights report, the hard market, supply chain disruptions, climate risk and persistently high inflation continue to challenge businesses in the Asia Pacific region, Strategic Risk Asia Pacificreported. Natural catastrophe events continued to drive large losses and pressure market conditions for property insurance in the fourth quarter of 2022. The report also found that changes to the reinsurance market, including higher costs and retentions, and some coverage restrictions, will drive rate increases for both local and international insurers.