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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.

02/05/2024

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. 

Regional analysis

City Light Trails

Global Insurance Market Index

Global Insurance Market Index

04/24/2024

The Global Insurance Market Index is our proprietary measure of global commercial insurance premium pricing change at renewal, providing insights on the world's major insurance markets.
Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

04/24/2024

Insurance rates in the first quarter of 2024 in the US increased by 3%, the same as in the prior quarter.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/05/2024

Insurance rates in the UK were flat in the fourth quarter of 2023.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

Insurance rates in the first quarter of 2024 in the Latin America and Caribbean (LAC) region increased 5%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 3% in the first quarter of 2024.
Beautiful aerial view of the Sydney Opera house by the bay in Australia. Panoramic view.

Global Insurance Market Index

Pacific insurance rates

Insurance rates in the Pacific region declined 2% in the first quarter of 2024.
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Global Insurance Market Index

Canada insurance rates

Insurance rates in Canada declined 2% in the first quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

04/24/2024

Insurance rates in the first quarter of 2024 declined 2% in the IMEA region.

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