Asia Market Movement Final March 2014

At the beginning of 2013 it was widely anticipated by insurers that the year would bear witness to a general shift in the state of the insurance market in Asia. Insurers renewed their endeavours to end the perpetual soft market.

Over the course of the year it became apparent that efforts to significantly turn the market were of no avail. Renewal terms on the majority of business classes have remained relatively stable, as a result of competitive tension driven by a robust and buoyant Asian market place; thus contributing to positive results for our clients.

Capacity is still abundant for most territories, and is entering the market from a variety of different sources. We are seeing an increased level of appetite by Asian markets to diversify their portfolios, by committing capacity on global accounts, rather than purely in the Asian region. This, coupled with good underwriting results for most insurers during 2013, should continue the downward pressure on rates for most classes of insurance during 2014.

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