1、This report does not constitute a rating actionAsia-Pacific Insurance Mid-Year Outlook 2025Strong Capital Buffers Dampen Tariff-Driven Market VolatilityCraig BennettToshiko SekineAndy ChangEmily YiWenwen ChenPhilip ChungMay 6,20252Table Of ContentsAsia-Pacific Insurers|Strong 3Overview|Selected Asia

2、-Pacific Markets 10Related Research23Analytical Contacts24 Key Takeaways3 Insurers face a new set of potential macro-financial shocks,triggered by escalating trade tensions.S&P Global Ratings believes the ripple effects will be wide but uneven.Asia-Pacific insurers enter these tougher credit conditi

3、ons from a position of strength,with solid capital adequacy and stable credit fundamentals.Our base case is for ratings stability in 2025.Various factors could nevertheless affect insurers.These include fluctuations in investment valuations;forex market volatility;supply-chain disruptions affecting

4、property/casualty lines,and slower economic growth,which may dampen demand for new or renewed insurance coverage.DisclaimerS&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S.administration and possible responses-specifically with regard to

5、tariffs-and the potential effect on economies,supply chains,and credit conditions around the world.As a result,our baseline forecasts carry a significant amount of uncertainty.As situations evolve,we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our g

6、uidance accordingly(see our research here: Capital Buffers Dampen Tariff VolatilityRatings and outlooks for rated insurers in Asia Pacific as of Apr.30,2025.Capital adequacy data is for year end 2023 and liquidity scores are based on the main entity as of Apr.30,2025 Credit rating outlooks largely s