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JAKARTA - The global and national reinsurance industry is expected to continue facing challenges in the form of a hardening market in 2024.
To address this situation, PT Tugu Reasuransi Indonesia (Tugure) has prepared a strategy.
Andriansyah, Group Head of Technical Analytics & Development at Tugure, explained that they are currently in the process of preparing for the renewal or retrocession renewal for contracts in 2024. The current conditions, he noted, are still similar to those of the previous year when they prepared for the retrocession renewal for the 2023 period.
"The conditions we are experiencing now are still the same as at the end of 2022. It's a challenging atmosphere," he stated during the Reinsurance Market Update Webinar organized by the Indonesian General Insurance Association (AAUI) on Thursday, September 14, 2023.
According to him, there will still be price increases set by the global reinsurance/retrocession market. Additionally, Andriansyah emphasized that there are significant changes in risk assessment conducted by global reinsurance companies, particularly in terms of pricing.
"They [retrocessionaires] consider many factors, which may have previously been loaded with lower values before the pandemic," he revealed.
On the other hand, Andriansyah believed that other factors, especially catastrophic events or inflation, would drive up retrocession prices.
He estimated that the increase in protection prices from global reinsurance in the coming year would still be around 30%, similar to the previous year. In the 2023 renewal, he stated that the average retrocession rates for global players to domestic reinsurance increased by about that range.
He also noted that this increase was still smaller compared to the surge in retrocession prices in some other countries like the United States and Malaysia, where it reached around 100%.
"Our expectation is that the increase will remain the same in the 2024 renewal," he clarified.
Therefore, Andriansyah said that Tugure has prepared itself to face these extraordinary conditions. Tugure will implement a fundamental strategy with an emphasis on transparency when dealing with the retrocession market.
"As for the reinsurance strategy in facing the retrocession market, we're going back to basics, providing transparency to the retrocessionaires regarding our business plan and policies. Hopefully, this will reduce the unknown loading factor on the part of the global reinsurance companies. That's what we will do now," he asserted.
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