The liability insurance market in Asia-Pacific is projected to grow from US$28.8 billion in 2019 to US$33.4 billion in 2023, in terms of written premiums.
Research conducted by GlobalData shows that the liability insurance industry in Asia-Pacific is expected to grow at a compound annual growth rate (CAGR) of 3.8% from 2019 to 2023. This is due to growing demand for insurance covering the commercial sector, such as workers’ compensation, professional/management liability (directors’ and officers’ – D&O) insurance and cyber-breaches.
“The demand for D&O policies is driven by increasing risks from environmental, product recall and libellous claims. Increasing number of cybercrimes has driven the demand for cyber-insurance,” said Manisha Varma, insurance analyst at GlobalData.
Demand for D&O cover in China grew due to increased exposure to legal risk…
