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Asia Insurance Market Pricing

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

Q4 2023 

Asia pricing: Financial and professional rates drop for third consecutive quarter

Insurance rates in the fourth quarter of 2023 in Asia were flat. 

Asia fourth quarter 2023

Asia composite insurance rate change 

Asia property

Asia property insurance capacity increases 

Property insurance rates rose 2%.  

  • Insurers continued to monitor catastrophe (CAT) exposures, particularly in Japan, Taiwan, and the Philippines.
  • Insurers slowly increased their capacity in the region. 

Asia casualty

Casualty insurance rates decline overall

Casualty insurance rates declined 2%. 

  • Casualty rates continued to prove generally favorable for clients in Asia, particularly those with localized exposure; however, those with North American exposure faced increased scrutiny.
  • Auto liability and workers’ compensation rates remained stable. 

Asia financial and professional lines

Financial and professional insurers generally increase excess capacity

Financial and professional lines rates declined 6%.  

  • Directors and officers (D&O) liability rates continued to decline, with increased insurer capacity available.
  • Insurers generally limited primary capacity, but increased excess layers and showed more interest in historically difficult-to-place risks, such as US listed companies.
  • Rates were generally stable for the financial institution (FI) sector, which also saw improvements in terms and coverage offered.

Cyber insurer competition accelerates

Cyber insurance rates were flat. 

  • Insurer competition continued to accelerate, with rates stabilizing and increased capacity typically available. 
  • Underwriters increased scrutiny regarding dependence on digital supply chains and war exclusions. 

This document and any recommendations, analysis, or advice provided by Marsh (collectively, the ‘Marsh Analysis’) are not intended to be taken as advice regarding any individual situation and should not be relied upon as such. This document contains proprietary, confidential information of Marsh and may not be shared with any third party, including other insurance producers, without Marsh’s prior written consent. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Except as may be set forth in an agreement between you and Marsh, Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party with regard to the Marsh Analysis or to any services provided by a third party to you or Marsh. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. LCPA 24/031.