Skip to main content

Digital report

Asia Insurance Market Rates

The Global Insurance Market Index is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the Asian insurance market.

Q1 2024

Asia composite rate declines

Insurance rates in the first quarter of 2024 in Asia declined 2% after being flat for the three prior quarters.

Asia first quarter 2024

Asia composite insurance rate change 

Asia property

Property insurance rates decrease

Property insurance rates declined 1%.  

  • Property insurance rates declined in a number of countries and industries, with the exception of those in catastrophe (CAT) exposed geographies and in select industries, such as technology, with significant business interruption (BI) exposure.
  • Highly CAT-exposed geographies, including Japan, Taiwan, and the Philippines, and industries with significant business interruption exposure remained exceptions to the downward rate trend.
    • Clients in these segments typically retained more risk through increased deductibles, assuming capacity within their insurance program, or adopting alternative risk transfer methods such as captives, parametric, or structured solutions.
  • Although inflation generally has not been as pressing in Asia as elsewhere, insurers continued to seek validation of values and a deeper understanding of clients’ BI calculations.

Asia casualty

Casualty rates decline, insurer capacity abundant

Casualty insurance rates declined 1%.

  • The liability insurance market has remained stable, with some rate decreases, due primarily to ample capacity, especially when exposure is limited to a specific country or region.
  • Underwriters continue to scrutinize North American exposures and critical products.
  • Insurers remain focused on cyber coverage for business interruption and property damage. 

Asia financial and professional lines

Financial and professional rates decline, led by D&O

Financial and professional lines rates declined 6%.

  • Many clients experienced rate decreases in public and private directors and officers (D&O) liability, commercial PI, financial institutions, and flat rates in lines such as crime.
  • Increased competition contributed to reduced primary rates and improved terms and conditions.
  • Appetite for public company D&O with US exposure increased, with price and deductible improvements, although the UK and Bermuda markets continued to be relied on for capacity on large programs and challenging risks.
  • Appetite for digital assets business remained challenging, with insurers exercising caution, particularly with crypto-related assets.

Cyber rates decline, insurers scrutinize cybersecurity controls

Cyber insurance rates decreased 3%.

  • Underwriters continued to look for and favor companies with strong risk controls.
  • Increased capacity in the market led to discussions on expanding coverage options.
  • Insurers remained vigilant about ransomware issues and supply chain attacks.