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Asia Insurance Market Rates Q2 2024

The Global Insurance Market Index is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the Asian insurance market.

Q2 2024

Asia composite rate declines

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

Asia second quarter 2024

Asia composite insurance rate change 

Asia property

Property insurance rates decline, insurer competition increases

Property insurance rates declined 2%.  

  • Insurer competition increased for property risks, contributing to a second consecutive quarter of year-over-year rate decreases.
  • Although some clients experienced reductions, rates continued to increase moderately for risks that are highly exposed to natural catastrophe events.
  • Insurers continued to monitor inflation and the accuracy of declared values, including for business interruption.
  • There was an increased engagement of captives and other alternative risk solutions from clients considering or undergoing program restructuring as they sought to manage costs. This could involve retaining more risk, particularly in the loss-exposed layers of programs.

Asia casualty

Casualty rates decline

Casualty insurance rates declined 1%.

  • The amount of available capacity remained stable, although there were a small number of new market entrants.
  • Underwriters continued to scrutinize North American exposures.
  • Auto liability and workers’ compensation rates remained stable.
    • Increased claims activity was observed in Hong Kong and Singapore.

Asia financial and professional lines

Financial and professional lines rates decline, led by D&O

Financial and professional lines rates declined 9%.

  • Directors and officers (D&O) liability rates continued to drive conditions in the overall financial and professional lines. 
    • Ample available capacity for D&O coverage led to increased competition. 
    • Some markets — including China, Hong Kong, South Korea, and Singapore — experienced average 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. 
  • Rates for financial institutions (FIs) and professional indemnity (PI) insurance declined in the 10% to 15% range, on average.

Cyber rates decline, controls improve

Cyber insurance rates decreased 6%.

  • 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 were generally more flexible in how cybersecurity-related information was delivered to them. 
  • Insurers continued to increase their focus on risks associated with AI usage.
  • Insurers were generally more willing to offer broader coverages. 

Explore regional pricing

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Global Insurance Market Index

Global Insurance Market Index Q2 2024

07/23/2024

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 Q2 2024

07/23/2024

Insurance rates in the second quarter of 2024 in the US increased 1%.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates Q2 2024

07/23/2024

Insurance rates in the UK declined 3% in the second quarter of 2024.
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Global Insurance Market Index

Latin America and Caribbean insurance rates Q2 2024

Insurance rates in the second quarter of 2024 in the LAC region increased 4%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates Q2 2024

Insurance rates in Europe increased 1% in the second 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 Q2 2024

Insurance rates in the Pacific region declined 5% in the second quarter of 2024.
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Global Insurance Market Index

Canada insurance rates Q2 2024

Insurance rates in Canada declined 5% in the second quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates Q2 2024

04/23/2024

Insurance rates in the second quarter of 2024 increased 4%.

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