- Global non-life run-off reserves estimated to have reached US$960bn
- An additional estimated US$68bn of legacy liabilities are held on the balance sheets of non-insurance corporations
- Loss portfolio transfers and adverse development covers predicted to be at the heart of future transaction activity
- Run-off activity at Lloyd’s and US insurance business transfers also expected to develop
The global non-life run-off market continues to grow, with estimated liabilities rising 11% to US$960bn since the beginning of 2021, according to PwC’s latest Global Insurance Run-off Survey. This growth reflects a number of factors, including the fundamental underlying increase in insurance business being transacted across the world and the knock-on effect for policies entering run-off, either through natural expiry or strategic exits as insurers discontinue non-core or unprofitable business. It is estimated that over 50% of the growth since PwC’s last survey has emanated from North America.