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Global Insurance Market Index

Asia Insurance Pricing Q2 2023

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Asia commercial insurance pricing remained flat in the second quarter, compared to a 1% increase in the prior quarter

Global commercial insurance prices rose 3% in the second quarter of 2023, compared to 4% in the first quarter. 

Taiwan and the Philippines experienced the largest composite price increases, at 24.5% and 18.6% respectively, while Hong Kong and China experienced the largest composite price decreases, at -6.6% and -2.1% respectively.

The index is a proprietary measure of global commercial insurance premium pricing change at renewal, representing the world’s major insurance markets and comprising nearly 90% of Marsh’s premium.

Access the full insights for 12 Asian markets in the Asia report.

Property insurance pricing in Asia increased 2% in the second quarter, the same as in the prior five quarters.

  • Taiwan and the Philippines experienced the largest property insurance pricing increases, at 27.5% and 20.0% respectively.
  • Insurers continued to closely monitor exposures in natural catastrophe exposed territories; the inflationary environment, typically requesting updated valuations; and contingent business interruption and cyber coverage, restricting terms in some cases.

Casualty insurance pricing in Asia declined 3% in the second quarter, compared to a decline of 2% in the prior quarter.

  • The Philippines and Taiwan experienced the largest casualty insurance pricing increases, at 12.0% and 6.9% respectively. 
  • Hong Kong and Korea experienced the largest casualty insurance pricing declines at -9.8% and -7.0% respectively.
  • Insurers remained focused on claims inflation resulting from litigation trends, as well as material cost inflation.

Financial and professional lines pricing in Asia declined 5% in the quarter, after being flat in the prior quarter.

  • India, Taiwan and Japan experienced the largest pricing increases of 9.0%, 5.5% and 3.8% respectively.
  • China, Hong Kong and Korea experienced the largest financial and professional lines insurance pricing declines at -13.5%, -7.5% and -4.5% respectively.
  • Pricing in the financial institution (FI) lines generally declined, aside from the crime policies.

Cyber insurance pricing generally stabilised in Asia, increasing 8% in the second quarter, the same as in the prior quarter as new market entrants increased competition.

  • India, Taiwan and the Philippines experienced the largest cyber insurance pricing increases at 22.5%, 17.5% and 12.5% respectively.
  • Insurer concerns regarding ransomware continued. However, as companies generally improved risk management in this area, there was a reduction in claims frequency.

Constant bar chart represents global insurance composite pricing change.

Disclaimer: Marsh India Insurance Brokers Pvt Ltd is a subsidiary of Marsh McLennan.

Marsh India Insurance Brokers Pvt. Ltd. having corporate and the registered office at 1201-02, Tower 2, One World Center, Plot-841, Jupiter Textile Compound Mills, Senapati Bapat Marg, Elphinstone Road (W), Mumbai 400 013 is registered as a composite broker with Insurance and Regulatory Development Authority of India (IRDAI). Its license no. is 120 and is valid from 03/03/2021 to 02/03/2024. CIN: U66010MH2002PTC138276.