Taiwan, South Korea and Malaysia followed with declines of 15%, 13% and 10%, while Japan and Vietnam were the only markets to record increases, according to Marsh.
Onshore underwriting profit rose nearly elevenfold from a low year-earlier base, led by pecuniary loss business, while offshore premiums grew 18.9% but underwriting turned negative.
Overall commercial insurance rates fell 6% for the region, according to Marsh, marking the region’s 11th consecutive quarter of decline amid ample capacity and strong insurer competition.
Marsh data shows that property and financial lines rate declines eased, but casualty and cyber pricing continued to soften as capacity remained abundant.
From 1 November, the revised rules require insurers to set up product committees led by their principal executive, conduct regular product reviews and strengthen accountability for product failures.
