Insurance Daily News

Berkley Re Expands Casualty Reinsurance in Asia

Berkley Re is expanding its casualty reinsurance capabilities across Asia to capture demand generated by the region’s sustained GDP growth over the past decade and a half. CEO Glen Riddell said the rise in corporate assets has naturally increased the need for liability coverage, especially general liability and product liability, as Asian manufacturers export more to markets such as the United States.

The insurer positions itself as a partner for primary insurers, offering underwriting expertise, claims management and training to help casualty become a mainstream product. While property remains the dominant line in the Asian reinsurance market, Berkley Re holds a more balanced portfolio and claims a higher share of casualty capacity than many peers. Its four core casualty markets are Japan, South Korea, China and India, where it opened an operation in Gujarat International Finance Tec-City (Gift City) in December of the previous year.

Riddell highlighted the importance of long-term client relationships amid a softening market cycle and heightened uncertainty from natural-catastrophe trends. Although natural-catastrophe activity has been relatively quiet so far, the ongoing hurricane season in Florida and the Caribbean, El Niño-driven drought risk in Australia and Indonesia, and potential windstorm exposure in northern Asia could spur increased crop and windstorm reinsurance losses.

In his role as chair of the Singapore Reinsurers’ Association, Riddell previewed the Singapore Reinsurance International Conference, noting the theme “capacity to capability.” He emphasized that capacity now includes technology and underwriting expertise, alongside traditional face-to-face relationships, and mentioned the launch of an AI handbook by the association.

Why it matters

Understanding Berkley Re’s focus on casualty in Asia helps insurers gauge capacity and expertise availability for growing liability risks in the region.

FAQ

Which Asian markets are central to Berkley Re’s casualty portfolio?
Japan, South Korea, China and India.

What type of liability insurance is driving growth in Asia according to Berkley Re?
General liability, especially product liability for manufactured goods exported to the United States.

What recent operational expansion did Berkley Re make in India?
It opened an operation in Gujarat International Finance Tec-City (Gift City) in December last year.

What external factors could increase casualty reinsurance claims in the region?
Hurricane activity in Florida and the Caribbean, El Niño-related drought in Australia and Indonesia, and potential windstorms in Japan and South Korea.

Source: Insurance Asia News. See the original source for full details.