Insurance rates declined in Q3, property down 4%: Marsh

Insurance rates in Asia declined 4 percent in the third quarter of 2024, according to an October report by Marsh titled “Asia Insurance Market Rates”. 

Property insurance rates declined 3 percent in this period. The report noted that, despite limited capacity entering the region, increased competition among existing insurers resulted in continued downward pressure on rates across most segments, industries, and geographies.

“Insurers showed more flexibility around deductibles and coverage.”

Long-term agreements were offered, generally with second-year rate reductions built in, the report noted. Insurers showed more flexibility around deductibles and coverage throughout the quarter.

Casualty insurance rates declined 2 percent while available capacity remained stable.

The report noted that local and international underwriters continued to focus on North American exposures. Heightened disclosure requirements typically led to a longer underwriting process and different terms for clients with North American exposure.

Financial and professional lines rates declined 10 percent, the report said. Directors and officers liability rates continued to drive overall rate changes in financial and professional lines, with double-digit decreases observed in most markets across the region.

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