WTW reports faster softening in Asia insurance market

WTW expects soft market conditions to persist through late 2025.

The Asian insurance market is seeing faster-than-expected softening, with rate reductions of 7.5% to 15% across most non-loss impacted and non-catastrophe lines, according to WTW’s Global Marketplace Insights Q3 2025 podcast.

Ben Dunston, WTW’s Placement Leader for Asia, and Paul Ward, Head of Property and Casualty Asia, said competition remains intense as insurers pursue growth in a softening market. 

Capacity across Asia remains strong, with Singapore-based and London markets actively expanding. 

Dunston noted that new managing general agent (MGA) capacity and relaxed ESG rules have boosted available capacity, particularly in energy and power. 

He said coal and thermal power capacity has risen about 30% over the past 18 months, though insurers still require credible transition plans.

Ward said natural catastrophe exposure continues to influence pricing in Asia, but clients using advanced risk modelling can optimise their risk transfer and premium spend.

Both executives urged clients to start renewal discussions early (at least 90 days before expiry) and to highlight risk management improvements. 

They also encouraged buyers to review limits and exclusions and to consider capacity in regional or specialty markets.

WTW expects soft market conditions to persist through late 2025 as competition and available capacity continue to weigh on rates.