This week in insurance: APAC engineering cover leads growth, H1 NatCat losses hit $84b, Allianz-Jio form India reinsurer

Global commercial insurance rates fell by 4% in the second quarter of 2025.

This week (21 to 25 July), the insurance industry saw strong growth projections in Asia-Pacific, record catastrophe losses, falling global commercial rates, new product launches, and strategic partnerships across key markets.

Asia-Pacific’s engineering insurance market is projected to average a compound annual growth rate (CAGR) of 12.4% from 2022 to 2032, driven by rapid urbanisation, industrial expansion, and government-backed infrastructure development, according to Allied Market Research.

This would be the fastest growing region, the report said. North America led the market in 2022, accounting for over one-third of global revenue.

Meanwhile, global insured losses from natural catastrophes reached $84b in the first half of 2025 (H1 2025), the highest mid-year total since 2011, according to a report by Gallagher Re.

Also, global commercial insurance rates fell by 4% in the second quarter of 2025, continuing a downward trend driven by increased competition among insurers, according to the latest Global Insurance Market Index from Marsh. 

This follows a 3% decline in Q1 and marks the fourth consecutive quarterly decrease after nearly seven years of increases.

On the business side, Kotak Mahindra Life Insurance Company Ltd. has launched the Kotak Signature Term Plan, a protection-focused term insurance product aimed at emerging affluent salaried professionals and entrepreneurs in India. The plan offers high coverage at competitive premiums.

Allianz Group (Allianz) and Jio Financial Services Limited (JFSL) has partnered to form a 50:50 domestic reinsurance joint venture in India. The partnership will combine JFSL’s local market knowledge and digital infrastructure with Allianz’s global underwriting and reinsurance capabilities.

Singlife has partnered with Singapore’s Workplace Safety and Health (WSH) Council to offer a 10% discount on group insurance premiums for small and medium enterprises (SMEs) that take part in the Total WSH Programme. 
The offer applies to Singlife’s MyBenefits Plus plan and is valid until 31 March 2027.