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Global and Asia Insurance Market Index

Asia Insurance Rates: Q4 2024

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Global commercial insurance rates declined by 2% in the fourth quarter of 2024, the second consecutive decrease in the composite rate following seven years of increases.

The index is a proprietary measure of global commercial insurance rate changes at renewal, providing insights on the world's major insurance markets.

Asia commercial insurance rates declined 3%, compared to 4% in the prior quarter.

  • Korea, Malaysia, Singapore and Thailand experienced the largest composite rates decreases, at -9%, -7%, -7% and -6% respectively.
  • Taiwan, Republic of China (R.O.C.)  and Japan experienced the largest composite rates increases, at 11%, and 3% respectively.

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

Property insurance rates declined 3% in the quarter.

  • Insurers sought increased business with companies demonstrating strong risk management.
  • Insurer’s heightened risk appetite in selected segments led to more capacity, while less catastrophe-exposed portfolios saw higher rate reductions.
  • Korea, Malaysia, Thailand and Singapore experienced the largest decrease in property rates, at -8%, -8%, -6% and -6% respectively.
  • Taiwan, Republic of China (R.O.C.) and Japan experienced the largest increase in property insurance rates, at 13% and 3% respectively.

Casualty insurance rates in Asia declined 1% in the quarter.

  • Organisations without losses and benefitting from competitive London capacity experienced decreases of 5% to 10%. Meanwhile new entrants focusing on North American exposures kept capacity stable, but businesses with significant exposure in the region faced rising insurance costs due to higher primary and umbrella capacity rates.
  • Korea, Singapore, and Thailand experienced the largest decrease in casualty rates, at -12%, -6%, and -6%, while only Japan experienced an increase, at 6%.

Financial and professional lines rates declined 9% in the quarter.

  • Limited capital market activity heightened competition for renewals. However, signs of improvement were noted at the end of 2024.
  • Directors and officers (D&O) liability rates influenced overall changes, with China seeing 20% to 25% decreases, while most markets experienced smaller declines.
  • China, Korea and Singapore experienced the largest decrease in rates, at -18%, -11% and -11% respectively. 
  • Only Taiwan, Republic of China (R.O.C.) recorded a rate increase, at 1%.

Cyber insurance rates decreased 11% in the quarter.

  • Growing competition among insurers drove rate declines, while high-severity, low-frequency ransomware claims added portfolio volatility.
  • Insurers remained vigilant about risks associated with AI.
  • Singapore, Thailand and Hong Kong experienced the largest decrease in cyber insurance rates at -18%, -13% and -13%.
  • Only the Philippines experienced a cyber insurance rate increase, at 3%.

Asia composite insurance rate change