Asian reinsurers grow abroad as overseas premiums near half share

US premiums now account for 18% of major Asian reinsurers’ portfolios.

Asian reinsurers are accelerating their expansion into mature overseas markets as part of efforts to diversify risks, improve capital efficiency, and sustain growth amidst slowing domestic momentum, according to AM Best.

The agency’s latest “Annual Review of Global Reinsurance Industry; Analysis Highlights Reinsurers’ Discipline in Transitioning Market” showed that majority of the Asia Reinsurance Composite reported higher net income in 2024, with Chinese reinsurers posting the strongest gains. Earnings for Singapore-based reinsurers and those in South and Southeast Asia were broadly flat year-on-year but remained near historic highs. 

Reinsurance capacity rebuilds, supported by adequate pricing, have led to increased competition and treaty oversubscription.

In Japan, April renewal revenues declined as cedents retained more risk and rates fell, a trend that could contribute to further softening of the Asia-Pacific (APAC) market at the January 2026 renewals. 

Reinsurers also continued to adopt climate-resilient portfolio strategies, whilst regulatory reforms in India attracted additional foreign reinsurance capacity.

Overseas diversification has become a key growth driver for major North Asian reinsurers, whose average overseas premium contribution rose to 42% in 2024 from 22% in 2010. 

Expansion has moved beyond neighbouring APAC markets into mature regions, particularly the United States and Europe. 

US premiums now account for 18% of major Asian reinsurers’ portfolios, with China Re and Peak Re leading growth. 

European contributions rose to 10% of gross premiums written in 2024 from 6% in 2015.

Global expansion is also helping reinsurers balance catastrophe-prone domestic exposures, particularly in property risks, by building casualty portfolios overseas. 

International exposure is also building reinsurers’ underwriting capabilities in specialty areas, including cyber and political risk.