WEB Asia: Q2 Insurance Pricing Stays Flat
Despite Challenges in Property and Capacity
Insurance markets in Asia have experienced a period of stabilization in terms of pricing with the third quarter. Composite pricing in Asia was flat in the second quarter compared to a 1% increase in the prior quarter. Asia Pacifics insurance pricing rates were unchanged in the fourth quarter of 2023, marking the third quarter in a row. In the third quarter of 2023, Asia's composite pricing was flat as property insurance pricing rose 2%. In the first quarter of the year, insurance pricing in Asia remained flat compared to a 1% increment in the.
Overall capacity was sufficient, but challenges persist in property and liability lines. Insurers grapple with geopolitical risks supply chain disruptions and inflation. Despite these challenges the insurance industry remains resilient and committed to providing cover to businesses and individuals in Asia.
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