Regional update
Asia
The construction insurance market in Asia saw price-driven buying trends, stable conditions, and ample capacity. International buyers primarily focused on price, while project owners tended to prioritize coverage. Requests for proposals (RFPs) commonly emphasized premium rates, deductibles, and no-additional-cost extensions. Companies increasingly negotiated program terms, including no-cost and pro-rata extensions, often linked to loss ratio targets.
Project delays persisted due to scheduling challenges, financing availability, and regulatory changes. Sectors such as smelters, rail, and tunneling required longer project implementation lead times, whereas fast-track industries — including high-tech, semiconductor, and data centers — benefited from high levels of insurer competition and quicker timelines.
Rate decreases were seen, particularly in construction, marine, professional indemnity, and casualty lines, though less pronounced than in the broader market, where renewal rate reductions of 40% to 50% were common. Insurers offered higher limits, increased capacity, and price concessions, strengthening companies' negotiating positions compared to 18 months prior.
Across key product lines — including construction all risks, single project professional indemnity, third-party liability, and project cargo — capacity remained plentiful. Insurer competition and appetite was strong across all products, with overall market stability.