Property insurance rates in disaster hit areas expected to rise in 2012

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Property insurance rates in disaster hit areas expected to rise in 2012

By Haziq Hamid of theedgeproperty.com
Thursday, 02 February 2012 13:41

SINGAPORE (Feb 2): Following record insurance losses in 2011, commercial insurance rates in Asia are expected to climb in regions affected by natural disasters according to a comprehensive report published by Marsh.

The report also predicts that rates will decline as competition for market share among insurers in other lines of insurance remains strong.

Marsh, a global leader in insurance broking and risk management stated in its Asia Insurance Market Report 2012: Navigating the Risk and Insurance Landscape that substantial losses resulting from natural catastrophes have prompted many insurers to seek rate increases in 2011, most notably in the property sector. Rates have risen 30% in disaster-hit regions for natural catastrophes and property risks, especially flood risk.

The annual Asia Insurance Market Report provides detailed information on commercial insurance market trends and conditions for all major classes of business across eleven countries in Asia including mainland China, Hong Kong, Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam.

The report also states that as underwriters seek to grow their businesses in Asia, the continued inflow of insurance capital is preventing any across-the-board increases in premium rates. Local and regional insurers remain competitive as the homegrown industry continues to become more sophisticated.

In a statement on Thursday, Marsh CEO for Asia Alan Cheah said although reinsurance costs have risen following last year's record losses, they are not being passed on to most insured.

"In addition, capital inflow, continued growth in the construction sector, and a heightened awareness of insurance and risk management have combined to lessen the effects of last year's catastrophes on the broader market," he added.

Cheah explained that, "aside from increased property insurance rates, especially for those insured with significant loss histories or catastrophe exposures, rate reductions for risks such as construction, general liability, professional indemnity and financial institutions are still achievable."

Continuing a trend that began in 2010 with a spike in US Securities Class Action lawsuits against Chinese companies, directors' and officers' (D&O) liability for US-listed Asian companies are still rising.

Insurance rates in Japan have evidently stabilised following the capacity withdrawal and rate increases for businesses with operations in areas affected by last year's earthquake and tsunami while Thailand's rates for property insurance have increased in flood-affected areas but have remained stable for other lines of insurance.

The report also found that underwriters are taking a more cautious approach to business interruption, contingent business interruption and supply chain insurance following large losses after the Japan earthquake and Thailand floods. Also, rate reductions between 5% and 20% for general liability classes are almost universal across the region as ample capacity and competition persist while there is an increased interest in trade credit insurance as Asian suppliers become increasingly wary of their trading partners' credit worthiness in Europe and the US.

Marsh is a wholly-owned subsidiary of Marsh & McLennan Companies, a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital listed on the New York Stock Exchange (NYSE).