Japan sees single-digit rate reductions in April renewals
Wednesday, 04 19 2017, Category: Insurance and Reinsurance, Country: Asia
Reinsurers recorded single-digit risk adjusted rate reductions in Japan’s April 1 renewals, according to William Thompson, regional director of broker Willis Re.
“The reductions were single-digit and not in the low double-digit range, which were seen 12 months ago,” said Thompson in AM Best’s most recent Asia-Pacific Weekly.
Japan has experienced over-supply of capacity as the country remains a core territory for existing reinsurers and a key target for a number of new reinsurers.
Source: Intelligent Insurer