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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.

Q4 2024

Asia rates decline across major product lines

Insurance rates in Asia declined 3% in the fourth quarter of 2024.

Asia fourth quarter 2024

Asia composite insurance rate change 

Asia property

Property insurance rates decline 

Property insurance rates declined 3%.

  • Insurers sought increased business with companies they perceived as having strong risk management, contributing to declining rates across most segments.
    • Loss-impacted businesses were reviewed cautiously, on a case-by-case basis.
  • A heightened risk appetite among insurers led to more capacity in certain segments as insurers aimed to diversify and grow their property portfolios.
  • While capacity increased for most natural catastrophe-exposed areas, portfolios with less exposure typically saw higher rate reductions.
  • Clients continued to reassess program structures, including deductible increases and self-insurance participation, leading to interest in alternative risk transfer solutions, including parametric insurance and captives.

Asia casualty

Casualty rates decline, capacity stable

Casualty insurance rates declined 1%.

  • Organizations without losses and benefitting from competitive London capacity experienced decreases of 5% to 10%.
  • Available capacity remained stable, with new market entrants focusing on North American exposures.
    • Businesses with significant North American exposure faced rising insurance costs due to increased rates on primary and umbrella capacity.
  • Despite rising claims in workers' compensation and auto liability, rates remained stable.
  • Insurers continued to address the emerging risk of 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 9%.

  • Limited capital market activity restricted new business opportunities, increasing competition for renewals; however, signs of capital market improvements were noted at the end of 2024.
  • Directors and officers (D&O) liability insurance rates significantly influenced overall rate changes, with some markets experiencing double-digit decreases, particularly in China, where decreases averaged 20% to 25%.
    • Most countries saw lower average decreases compared to the previous quarter.
  • New market entrants continued to expand their portfolios.
  • Rates for financial institutions (FIs) and professional indemnity (PI) insurance remained stable.

Cyber rates decline, ransomware remains an issue

Cyber insurance rates decreased 11%.

  • Increased competition from new and existing insurers continued to drive a decline in rates.
  • High-severity, low-frequency ransomware claims contributed to ongoing portfolio volatility.
  • The risk landscape surrounding artificial intelligence (AI) is rapidly changing, presenting both opportunities and challenges in evaluating cybersecurity strategies and coverage.

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

02/05/2025

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

02/05/2025

Insurance rates in the fourth quarter of 2024 in the US were flat.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/05/2025

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

Latin America and Caribbean insurance rates

Insurance rates in the fourth quarter of 2024 in the LAC region increased 1%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe declined 2% in the fourth 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 8% in the fourth quarter of 2024.
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Global Insurance Market Index

Canada insurance rates

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

Global Insurance Market Index

India, Middle East, and Africa insurance rates

02/05/2025

Insurance rates in the fourth quarter of 2024 increased 1% in the IMEA region.

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