Liability insurance in Asia
The liability insurance market in Asia is currently small, but is expected to offer significant growth opportunities in the coming years. In 2014, around 8% of global liability premiums, or about USD 12 billion, came out of Asia. The market has been growing rapidly: between 2007 and 2014, liability premiums in Asia grew by 10% per annum, compared with average global growth of just 1%. Liability premium growth is expected to average 8% annually between 2015 and 2020, compared with 6% growth globally. Liability penetration in Asia is low at 0.05% of gross domestic product (GDP) compared to 0.2% globally. The main reasons for low take-up are lack of product awareness, lax regulation and the not-so litigious culture in the region.
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