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Global and Asia Insurance Market Index

Asia Insurance Pricing: Q1 2024

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Asia insurance rates declined 2%

Global commercial insurance rates rose 1% in the first quarter of 2024, compared to a 2% increase in the prior quarter, according to the Marsh Global Insurance Market Index. 

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

  • Vietnam, Thailand, and Singapore experienced the largest decrease in commercial insurance rates, at -11%, -7%, and -6% respectively. 
  • Taiwan, Republic of China (R.O.C.), the Philippines, and Japan experienced the largest increase in commercial insurance rates, at 16%, 10%, and 5% respectively.

The Global Insurance Market Index is our proprietary measure of global commercial insurance rate change at renewal — providing insights on the world's major insurance markets.

*Note: Beginning in the third quarter 2023, insurance rates data from India is included in the regional India, Middle East, and Africa (IMEA) section of the Global Insurance Market Index.

Access the full insights for the region in the Asia report.

Property insurance rates declined 1% in the quarter

  • Property insurance rates declined in a number of markets and industries, with the exception of those in catastrophe (CAT) exposed geographies, including Japan, Taiwan, Republic of China (R.O.C.) and the Philippines, and in select industries, such as technology, with significant business interruption (BI) exposure. 
  • Insurers continued to seek validation of property valuations and a deeper understanding of clients’ business interruption calculations.
  • Vietnam, Thailand, and Singapore experienced the largest decrease in property insurance rates, at -13%, -8%, and -6% respectively. 
  • Taiwan, Republic of China (R.O.C.), the Philippines, and Japan experienced the largest increase in property insurance rates, at 18%, 10%, and 5% respectively.

Casualty insurance rates declined 1% in the quarter

  • The liability insurance market has remained stable due primarily to ample capacity from domestic and international insurers in the markets, especially when exposure is limited to a specific market or region.
  • Korea, Singapore, and Thailand experienced the largest decrease in casualty insurance rates, at -7%, -6%, and -4%. 
  • The Philippines, Japan, and Taiwan, Republic of China (R.O.C.) experienced the largest increase in casualty insurance rates, at 12%, 6%, and 4% respectively.

Financial and professional rates declined 6% in the quarter

  • Many clients experienced rate decreases in public and private directors and officers (D&O) liability, commercial professional indemnity (PI), financial institutions, and flat rates in lines such as crime.
  • Appetite for digital assets businesses remained challenging, with insurers exercising caution, particularly with crypto-related assets.
  • China, Thailand, and Korea experienced the largest decrease in financial and professional lines rates, at -14%, -10%, and -7% respectively. 
  • Only Taiwan, Republic of China (R.O.C.) and Japan experienced increase in financial and professional lines rates, at 3% and 2% respectively.

Cyber rates decreased 3% in the quarter 

  • Underwriters continued to look for and favor companies with strong risk controls. 
  • Insurers remained vigilant about ransomware issues and supply chain attacks.
  • Thailand and Singapore experienced the largest decrease in cyber insurance rates, at -13% and -8%. 
  • Only the Philippines and Japan experienced increase in cyber insurance rates, both at 3%.

Asia composite insurance rate change