MANILA, Philippines — Reinsurance demand in Asia-Pacific has increased amid rising natural calamities that affect economies in the region.
GlobalData, a leading data and analytics company in the UK, said domestic insurers seek financial resources to cover massive risks as the frequency of catastrophes in the region has been on the rise.
Reinsurance is defined as the practice where insurers transfer portions of their risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim.
Asia-Pacific is not new to calamities amid strong typhoons, earthquakes, and volcanic eruptions that are happening in the region.
