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Global and Asia Insurance Market Index

Asia Insurance Rates: Q2 2024

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Asia insurance rates declined 3% in the second quarter of 2024 compared to 2% in the prior quarter

Global commercial insurance rates were flat in the second quarter of 2024, the first time in nearly seven years since the third quarter of 2017, according to the Marsh Global Insurance Market Index.

  • In Asia, Vietnam, Thailand, Singapore and Korea experienced the largest decrease in commercial insurance rates, at -11%, -8%, -7% and -7% respectively.
  • Taiwan, Republic of China (R.O.C.), Japan and the Philippines experienced the largest increase in commercial insurance rates, at 22%, 5%, and 4% respectively.

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. *Note: Beginning in the third quarter of 2023, insurance rates data from India is included in the regional India, Middle East, and Africa (IMEA) section of the Global Insurance Market Index.

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

Property insurance rates declined 2% in the quarter

  • Insurer competition increased for property risks, contributing to a second consecutive quarter of year-over-year rate decrease. However, rates continued to increase moderately for risks that are highly exposed to natural catastrophe events.
  • There was an increased engagement of captives and other alternative risk solutions from clients considering or undergoing programme restructuring to better manage costs.
  • Vietnam, Thailand, Korea and Singapore experienced the largest decrease in property rates, at -13%, -8%, -8% and -6% respectively.
  • Taiwan, Republic of China (R.O.C.), the Philippines, and Japan experienced the largest increase in property insurance rates, at 25%, 5%, and 5% respectively.

Casualty insurance rates in Asia declined 1% in the quarter

  • The amount of available capacity remains stable despite a small number of new market entrants. 
  • Local and international insurance markets continued to exhibit disparity in pricing and coverage, with local markets offering competitive rates for standard risks and international markets being favoured for more complex risks with limited local coverage options.
  • Korea, Hong Kong, and Thailand experienced the largest decrease in casualty rates, at -7%, -6%, and -4%, while Japan and Taiwan, Republic of China (R.O.C.), experienced the largest increase in casualty rates, at 6% and 1% respectively.

Financial and professional lines rates declined 9% in the quarter

  • Directors and officers (D&O) liability rates continue to drive conditions in the overall financial and professional lines, with some markets experiencing double-digit rate decreases in D&O liability renewals.
  • A lack of activity in the capital markets has limited insurers’ opportunities for new business, resulting in increased competition at renewal. 
  • China, Thailand, Korea and Singapore experienced the largest decrease in rates, at -13%, -13%, -12% and -11% respectively.
  • Only Japan experienced an increase in financial and professional lines rates at 1%.

Cyber rates decreased 6% in the quarter

  • New capacity in the Singapore market and growing interest from the London market contributed to increased capacity and competition.
  • Underwriters continued to require strong cybersecurity controls and/or plans for improvements.
  • Insurers continued to increase their focus on risks associated with AI usage. 
  • Thailand and Singapore experienced the largest decrease in cyber insurance rates, both at -18%. 
  • Only the Philippines experienced an increase in cyber insurance rates at 3%.

Asia composite insurance rate change