Asia insurance rates

Financial and professional rates decline, led by D&O

Financial and professional lines rates declined 6%.

• Many clients experienced rate decreases in public and private directors and officers (D&O) liability, commercial PI, financial institutions, and flat rates in lines such as crime.
• Increased competition contributed to reduced primary rates and improved terms and conditions.
• Appetite for public company D&O with US exposure increased, with price and deductible improvements, although the UK and Bermuda markets continued to be relied on for capacity on large programs and challenging risks.
• Appetite for digital assets business remained challenging, with insurers exercising caution, particularly with crypto-related assets.

Cyber rates decline, insurers scrutinize cybersecurity controls

Cyber insurance rates decreased 3%.

• Underwriters continued to look for and favor companies with strong risk controls.
• Increased capacity in the market led to discussions on expanding coverage options.
• Insurers remained vigilant about ransomware issues and supply chain attacks.