In Asia-Pacific, Allianz Research’s Global Insurance Report 2026 recorded P&C premium growth of just 4.0% in 2025, below the region’s ten-year average, as Fitch flagged narrowing underwriting margins from rising loss ratios in motor and health lines in markets including Korea, Indonesia and Australia. North America’s own P&C growth slowed sharply too, decelerating from 9.7% to 2.2% even as underwriting profit improved, according to the same Allianz data, underscoring that stronger margins and slower growth are often two sides of the same cyclical coin rather than a sign of structural strength.
Global insurers post strong 2025 results, but Bain warns momentum is cyclical
