【普华永道】2024全球保险业清算调研报告英文版_36页_3mb

Summary of PwC Global Insurance Runoff Survey 2024

• Market Evolution: The legacy insurance run-off market has evolved from a focus on finality and distressed business to prioritize capital management and strategic restructuring, driven by factors like Solvency II, Brexit, and private equity investments.

• Key Statistics:

  • Global non-life run-off reserves exceed US$1 trillion (a 6% increase since 2022).
  • Deal activity in 2023 saw reduced numbers but larger transactions valued at US$8.1 billion; North America and Europe remain key regions.
  • Motor and general liability lines dominate reserves and transaction interest.

• Key Findings:

  • Technology Adoption: Increasing use in claims processing, management information reporting, and deal diligence to enhance efficiency and value creation.
  • Capital Relief: A primary driver for transactions, with tools like the Capital Relief Calculator helping optimize capital.
  • Inflation and Economic Factors: Inflation significantly impacts reserves and deal pricing, while hard market conditions and supply chain disruptions drive premium increases.
  • Regulatory Changes: IFRS 17 complicates accounting for run-off acquisitions, and Pillar II tax reforms affect jurisdictions such as Bermuda and the Cayman Islands.
  • ESG Role: The market facilitates decarbonization by acquiring liabilities from hard-to-abate sectors, with 81% of respondents agreeing on its role.

• Risks and Challenges:

  • Reserve volatility and inflation pose significant risks to acquirers.
  • Regulatory burdens, including ESG reporting and consumer duty, increase complexity.
  • Reduced deal volumes in some regions signal a maturing market, with opportunities for innovation and new entrants.

• Drivers for Transactions:

  • Strategic restructuring and capital optimization are growing motivators.
  • Proactive claims management remains a core value driver.

• Future Outlook:

  • The market is maturing, with a focus on larger, technology-enabled deals and partnerships.
  • Emerging risks include potential consolidator failures and inflation uncertainty, but opportunities lie in ESG, talent development, and continued growth in capital relief solutions.

• Methodology: The survey involves anonymous responses from re/insurers, legacy acquirers, and stakeholders, with data-driven insights and cross-regional analysis.