If properly designed, a medium-voltage multimegawatt NPC converter can have a "peak efficiency" of slightly less than 99%... beyond that is not possible with the existing semiconductor technology, neither is the effort worth it.. remember, this is efficiency at one operating point and it changes as the loading changes ..
BTW, which converter in the market has 99% efficiency??? Is it peak or EU efficiency?? is it only semiconducor efficiency or does it include filter losses as well?? You might enhance the efficiency a little bit by reducing the switching frequency, but that increases the required filter size which increases the cost of converter.. so, you have to consider several aspects simulataneously to optimize a design...