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General insurers are expected to face challenges from slowing growth and rising reinsurance costs in 2025.
That’s according to the 2024 Financial Stability Report.
It says geopolitical tensions and tariff disputes may dampen regional expansion and drive modest imported inflation, while reinsurance premiums are expected to increase due to climate-associated risks.
The report adds that these pressures could temper premium growth and marginally widen the portion of total uninsured property.
Chief Executive Officer of the Financial Services Commission, Warwick Ward, says proactive monitoring and calibrated policy support, will therefore be essential to sustain market resilience and coverage.
Meanwhile, Mr. Ward says the life insurance industry has remained relatively sound, as defensive asset reallocation will bolster resilience, but may constrain future returns.
In 2024, sector assets grew by 2.2%, as holdings of government securities and cash and deposits climbed by 8.0% and 22.8%, respectively.
