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23 May 2013
The general casualty and directors’ and officers’ (D&O) segments remain competitive in the Asia-Pacific region as local, regional and global players fight it out for market share.
But a review by Guy Carpenter of reinsurance renewals finds some significant increases within the segment.
All Asia-Pacific markets reported declining rates at renewal for D&O insurance, except for China and Taiwan. Chinese companies with US exposure saw rate increases of 10%-50% after a spate of class actions against Chinese companies that did reverse mergers.
Investors who have lost money have launched actions alleging misleading information or fraud in financial statements.
In Taiwan, D&O rates rose by 20%-40% due to underwriters reducing capacity and requiring higher deductibles.
Guy Carpenter says rates fell by 5%-10% last year in the general casualty business, and the region is expected to remain competitive this year.
Professional indemnity premium levels remain stable.
Catastrophe excess of loss reinsurance rates saw no increase or up to a 10% rise for loss-free programs at the January renewals while loss-affected programs increased by 20%.
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