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During the review period, Singaporean reinsurance companies were exposed to the impact of natural disasters as a result of their significant operations in flood-prone countries such as Australia, Japan, Thailand and New Zealand.
As more securitizations are undertaken by sizeable players in the insurance industry, insurance and reinsurance companies will increasingly become originators of risk as opposed to warehousers of risk.
Additionally, where an insurance group is made up of both primary and reinsurance companies, the new methodology has in some cases resulted in a downward revision of IFS ratings for the reinsurance subsidiaries to a level below that of the related primary companies reflecting the lower recovery expectations in default for reinsurance policyholders relative to primary policyholders.