Asia: Composite insurance pricing remains flat in 2Q2023
Source: Asia Insurance Review | Sep 2023
Composite pricing in Asia was flat in the second quarter, compared to a 1% increase in the prior quarter, according to the Marsh Global Insurance Market Index.
The index is a proprietary measure of global commercial insurance premium pricing change at renewal, representing the world’s major insurance markets and comprising nearly 90% of Marsh’s premium.
Globally, commercial insurance prices increased by 3% in the second quarter of 2023. While pricing in Asia remained flat, US saw an increase of 4%, UK rose by 1%, and Europe rose by 5%.
In Asia, in the second quarter of this year, property insurance pricing increased by 2%, casualty insurance pricing declined by 3%, cyber insurance pricing increased by 8%, and financial and professional lines pricing declined by 5%.
Property insurance pricing in Asia increased by 2% in the second quarter, the same as in the prior five quarters, except in Taiwan and the Philippines. Casualty insurance pricing declined by 3% in Asia in the second quarter, compared to a decline of 2% in the prior quarter. Financial and professional lines pricing declined by 5% in the quarter, after being flat in the prior quarter. Finally, cyber insurance pricing generally stabilised, increasing by 8% in 2Q2023, the same as in the prior quarter, as new market entrants increased competition. A