News Snapshot:
Despite many reinsurers in Southeast Asia recording underwriting losses last year, the region still offers significant growth potential given the hardening market conditions and greater demand for health coverage, according to AM Best. Despite reduced capacity and increased rates, AM Best says the COVID-19 pandemic has accelerated the growth trend in the life and health insurance segment, as demand for coverage has risen as consumers have become increasingly aware of the benefits. Given that the penetration of health insurance remains very low, AM Best expects the growth in this segment to continue to outpace other classes of business in the...