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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 favourable for clients in Asia, particularly those with localised 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 stabilising and increased capacity typically available. 
  • Underwriters increased scrutiny regarding dependence on digital supply chains and war exclusions. 

Explore the report

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Global Insurance Market Index

Global Insurance Market Index

02/01/2024

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 | Q4 2023

02/01/2024

Insurance rates in the fourth quarter of 2023 in the US increased by 3%.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/01/2024

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 fourth quarter of 2023 in the Latin America and Caribbean (LAC) region increased 8%.

Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 4% in the fourth quarter of 2023.

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 were flat in the fourth quarter 2023.
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Canada insurance rates

Insurance rates in Canada were flat in the fourth quarter of 2023.
Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

10/29/2023

Insurance rates in the fourth quarter of 2023 increased 4% in the IMEA region.