Hong Kong’s commercial insurance market stays favourable for buyers in Q3

Rates fell across most product lines, including for some less-preferred risks.

Hong Kong’s commercial insurance market remained favourable for buyers in the third quarter, with Aon reporting continued price competition as capacity from local and international insurers increased. 

Rates fell across most product lines, including for some less-preferred risks, whilst underwriting stayed flexible for clients with strong claims performance and clear risk-management plans, Aon’s Q3 2025 Global Insurance Market Insights Report showed.

Most policies were renewed with existing limits and deductibles, although natural catastrophe exposures continued to face tighter terms. Some clients used premium savings to increase limits or broaden coverage.

Motor insurers competed aggressively despite a limited market for commercial fleets, offering improved pricing for larger programmes with good claims histories. 

Appetite remained weaker for specialised construction-related vehicles.

Casualty and liability lines continued to see soft conditions, especially in excess layers where overcapacity drove further price reductions. 

US exposures and complex risks still attracted closer scrutiny, whilst PFAS-related restrictions were widely applied.

Cyber insurance stayed competitive, although appetite for infrastructure and utilities risks remained limited. 

Directors’ and officers’ cover also maintained soft conditions, except for risks linked to China’s property sector and US listings.

In property, ample capacity supported ongoing price reductions for well-presented risks, though natural catastrophe capacity remained tight and Russia-Ukraine exclusions continued.