Rates in the liability segment have been stable over the last couple of years with the exception of medical malpractice, where they increased by 10-20 percent in 2014 and general liability is the biggest line of business currently here, a report by global reinsurer Swiss Re said.
Recent trends suggest that after the enactment of the new Companies Act, there has been an uptick in corporate interest in directors and officers liability cover in the country, the report said, adding in addition, more engineering, pharma and auto companies are buying product liability insurance and demand for professional indemnity is also increasing. Even as the liability insurance market in Asia may be small currently, it is expected to offer significant growth opportunities, it said. In 2014, liability premiums in the region were USD 12 billion, accounting for 3.8 percent of total non-life premia in Asia and 8 percent of global liability premia. The liability insurance market grew by 10 percent in Asia between 2007 and 2014, the report added.