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Asia Insurance Market Rates

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

Q3 2024

Asia rates decline in all major product lines

Insurance rates in Asia declined 4% in the third quarter of 2024.

Asia third quarter 2024

Asia composite insurance rate change 

Asia property

Property insurance rates decline, insurer competition increases

Property insurance rates declined 3%.

  • Despite limited capacity entering the region, increased competition among existing insurers resulted in continued downward pressure on rates across most segments, industries, and geographies, except for Taiwan, Republic of China (R.O.C.).
  • Long-term agreements (LTAs) were offered, generally with second year rate reductions built in.
  • Insurers showed more flexibility around deductibles and coverage throughout the quarter.
  • International and wholesale insurers continued to contribute to competition, resulting in generally improved renewal outcomes for clients in local, regional, and global programs.
    • Insurers maintained focus on exposure to natural catastrophes.
  • Clients showed increased interest in non-traditional risk transfer solutions, such as parametric insurance and captives.

Asia casualty

Casualty rates decline, capacity stable

Casualty insurance rates declined 2%.

  • Available capacity remained stable.
  • Local and international underwriters continued to focus on North American exposures.
    • Heightened disclosure requirements typically led to a longer underwriting process and different terms for clients with North American exposure.
  • Increased claims activity was observed in the region for automotive liability and workers’ compensation, however rates remained stable on average.
    • Insurers remained focused on US exposures and per- and polyfluoroalkyl substances (PFAS).

Asia financial and professional lines

Financial and professional lines rates decline, led by D&O

Financial and professional lines rates declined 10%.

  • Directors and officers (D&O) liability rates continued to drive overall rate changes in financial and professional lines, with double-digit decreases observed in most markets across the region.
    • Some insurers were willing to offer decreases in the 20% to 30% range due to increased competition.
  • Continued lack of activity in the capital markets limited insurers' opportunities for new business, resulting in increased competition for renewable business.
  • The largest rate decreases were observed in China, with an average decrease of 15% to 20%, due to a higher concentration of US-listed businesses, which tend to attract more capacity and competition.
  • New market entrants continued to build their portfolios.
  • Insurers from London and Bermuda started to quote for risks that were previously only covered with high excess, such as US-listed companies with Asian risk exposures.
  • Rates for financial institutions (FIs) and professional indemnity (PI) insurance remained stable.

Cyber rates decline, controls improve

Cyber insurance rates decreased 7%.

  • Cyber insurance remained a growth area for insurers in the region, while rate reductions, increased capacity, and insurer willingness to expand coverage have created a favourable environment for buyers.
  • The CrowdStrike outage raised concerns for some insurers; however, its impact on the market was limited due to a relatively short remediation process and the uptake rate on technology failure extensions related to network interruption insuring clauses.
  • Competition remined strong, with insurers typically targeting primary positions and/or lower attachments.
  • Underwriters appeared generally satisfied with the level of detail provided in application forms but continued to scrutinize vendor management.

Our rates reflect the segment mix of Marsh’s client portfolio.

Regional analysis

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Global Insurance Market Index

Global Insurance Market Index

24/10/2024

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.
Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

10/24/2024

Insurance rates in the third quarter of 2024 in the US increased 3%.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

24/10/2024

Insurance rates in the UK declined 5% in the third quarter of 2024.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

Insurance rates in the third quarter of 2024 in the LAC region increased 3%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe were flat in the third 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 6% in the third quarter of 2024.
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Global Insurance Market Index

Canada insurance rates

Insurance rates in Canada declined 3% in the third quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

10/24/2024

Insurance rates in the IMEA region decreased 2% in the third quarter of 2024.

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