Four consecutive years of W&I rate declines in Asia-Pacific have coincided with rising claims notifications and MGA exits, as competition among insurers and agents intensifies.
Accelerating medical cost inflation, strained combined ratios, and rising protection gap demands urgent joint action from governments, regulators and insurers.
Japan’s loss-free property cat programmes fell 15% to 17.5% risk-adjusted, with double-digit declines reported in India, the Philippines, and South Korea.
The individual agent channel, which remains the primary driver of value creation, accounted for 85.9% of total VNB in 2025, contributing 39.3bn yuan, up 25.5% year on year.
Middle East conflict-driven energy disruption could test insurers’ resilience across the region, though insurers hold sufficient capital to absorb near-term stresses.
