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REGIONAL reinsurer Asian Reinsurance Corp. (Asian Re) posted double-digit development in its web earned premiums (NEP) final yr.
The Insurance coverage Fee stated in a press release issued final Monday that Asian Re’s NEP final yr hit $19.19 million in 2021, leaping by 24.8 p.c from the earlier yr’s $15.38 million.
NEP refers back to the portion of premiums that apply to the expired portion of reinsurance insurance policies after deducting additional reinsurance, ceding commissions, cancellations and return premiums, if any, thought-about as “earnings” of the corporate.
Likewise, Asian Re’s web retained premiums, or its whole reinsurance premiums written after deductions, additionally climbed by 21.7 p.c to $20.66 million in 2021 from $16.97 million in 2020.
Its whole gross accounted premiums (GAPs) additionally rose by 14.5 p.c year-on-year to $23.47 million from $20.49 million in 2020. Whole GAPs seek advice from the whole reinsurance premiums written by Asian Re earlier than deductions for additional reinsurance and ceding commissions.
“The expansion in these indicators reveals that the Asia-Pacific Area is recovering from the adversarial financial results of the Covid-19 pandemic,” stated Insurance coverage Commissioner and Asian Re Chairman Dennis B. Funa.
Based mostly in Bangkok, Asian Re is the Asia-Pacific area’s main skilled reinsurer. It’s an intergovernmental group established in Could 1979 underneath the auspices of the United Nations Financial and Social Fee for Asia and the Pacific (Unescap).
It’s owned by 10 governments comprising the Council of Members, particularly: Afghanistan; Bangladesh; Bhutan; China; India; Iran; South Korea; Sri Lanka; Thailand; and, the Philippines.
Funa is serving his second 2-year time period as Asian Re chairman after being re-elected final yr. He was beforehand Asian Re’s vice chairman earlier than being elected to the highest put up.
In Could final yr, AM Finest, a US-based credit standing company that focuses on the insurance coverage business, affirmed Asian Re’s monetary energy score of “B+” (good).
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