The Asia-Pacific region accounts for less than 15% of excess of loss catastrophe premiums globally, but this year has provided 67% of reinsurers’ losses, according to Guy Carpenter’s 2011 Asia Pacific Catastrophe Report.

The company says international reinsurers have targeted the region for growth, but questions their continuing enthusiasm given this year’s losses from the Japan earthquake and tsunami, Christchurch earthquakes and Australian floods.

In the nine months to September 30, insured catastrophe losses have included $US33 billion ($32 billion) from the Tohoku earthquake, $NZ14 billion ($13.6 billion) from the New Zealand quakes, $US4 billion ($3.9 billion) from the Australian floods, over $20 billion ($19.5 billion) from US weather events and $5 billion ($4.9 billion) from Hurricane Irene.

Guy Carpenter says China, India and parts of Southeast Asia have grown strongly and have competitive reinsurance environments because supply exceeds demand.

Reinsurers seeking geographic diversification have targeted the markets because of their forecast economic growth, low insurance penetration, tightening solvency regulations and increasing demand for risk management.

“International reinsurers have therefore been keen to achieve a market presence in these territories,” the report says. “However, will the recent loss activity for these international players cause them to rethink their business strategies?”

The report notes reinsurers are continuing to complain that rates are too low, their regulatory costs are rising and low interest rates are dampening their investment returns.