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Global and Asia Insurance Market Index

Asia Insurance Rates: Q3 2024

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Asia insurance rates declined 4% in the third quarter of 2024 compared to 3% in the prior quarter

Global commercial insurance rates declined by 1% in the third quarter of 2024, the first decrease in the composite rate in seven years, according to the Marsh Global Insurance Market Index.

  • In Asia, Thailand, Korea, Singapore and Malaysia experienced the largest decrease in commercial insurance rates, at -11%, -9%, -7% and -7% respectively.
  • Taiwan, Republic of China (R.O.C.) experienced the largest increase in commercial insurance rates, at 11%.

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 3% in the quarter

  • Despite limited capacity entering Asia, increased competition has resulted in lower rates across most segments, industries and geographies, with the exception of Taiwan, Republic of China (R.O.C.).
  • Insurers showed more flexibility around deductibles and coverage throughout the quarter while maintaining the underwriting discipline.  
  • Thailand, Korea, Malaysia and Singapore experienced the largest decrease in property rates, at -10%, -8%, -8% 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.
  • There was an increased interest in alternative risk transfer solutions, such as parametric insurance and captives.

Casualty insurance rates in Asia declined 2% in the quarter

  • Available capacity remained stable. 
  • Insurers remained focused on US exposures and per- and polyfluoroalkyl substances (PFAS).
  • Korea, Thailand and Singapore experienced the largest decrease in casualty rates, at -12%, -9%, and -6%, while Japan and Taiwan, Republic of China (R.O.C.), experienced the largest increase in casualty rates, at 6% and 3% respectively.

Financial and professional lines rates declined 10% in the quarter

  • Directors and officers (D&O) liability rates continued to drive overall rate changes with financial and professional lines, with most markets seeing double-digit decreases across the region.
  • Some insurers were willing to offer decreases in the 20% to 30% range due to increased competition. 
  • China, Singapore and Korea experienced the largest decrease in rates, at -14%, -13%, -12% respectively. 
  • No increases were recorded across Asia in the financial and professional lines.

Cyber rates decreased 7% in the quarter

  • 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 of technology failure extensions related to network interruption coverage.
  • Cyber insurance remained a key growth area for insurers in the region. Rate reductions, increased capacity, and insurer willingness to expand coverage have created a favourable environment for buyers.
  • Thailand, Indonesia, Hong Kong SAR and Singapore experienced the largest decrease in cyber insurance rates, at -23%, -18%, -13% and -13% respectively. 
  • Only the Philippines experienced an increase in cyber insurance rates at 3%.

Asia composite insurance rate change 

Please note that Marsh PB Co., Ltd and Marsh McLennan are not engaged by nor involved in any manner with Bonus Ranch and its promotion, and has not placed any insurance for nor insured any of its businesses or operations. Marsh as a licensed insurance broker will not request customers to make payment via non-standard methods, such as the transfer of money to any individual’s bank account.