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Global Insurance Market Index

Asia Pricing Q3 2021

30/09/2021 · 2 minute read

Asia Pricing: Property Increases Moderate

Insurance pricing in the third quarter of 2021 in Asia increased 6% year-over-year.

Asia Insurance Pricing - Q3 2021

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing rose 5%, the twelfth consecutive quarter of increase.

  • Capacity remained available; local markets were major contributors as elements of competition returned, focused on loss free clients in low hazard industries.
  • There has been a continued slowdown in rate increases compared to previous quarters, a trend expected to mcontinue into 2022.
  • Challenges remained for clients in high hazard industries, CAT zones, and those with poor loss histories.

Casualty insurance pricing increased 1%, remaining relatively flat as it has for the past three years.

  • Large losses and claims activity drove insurer behaviour; risk selection was more pronounced than previously observed.
  • Sufficient capacity remained in the region, although challenges existed in product recall and products liability.

Financial and professional lines pricing rose 17%, the tenth consecutive quarter of increase.

  • Insurers focused on risk selection, driven by global underwriting guidelines and overall appetite.
  • Asia continued to be a fragmented marketplace, with pricing varying significantly from client to client and from country to country.
  • Cyber insurance remained challenging with considerable pressure on pricing and deductibles; at the same time there was a marked reduction in capacity and a narrowing of key coverages. Significant ransomware losses were the key driver.
  • Insurers remained selective on US-listed D&O liability, with rate increases ranging from 50% to 100% depending on the industry, client profile, and claims history.

Report

Global Insurance Market Index – 2021 Q3

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