Regional Updates

North America

Canada

Bermuda

Great Britain

Belgium and Netherlands

Asia – Financial Institutions

Asia – Asset management

Australia / New Zealand

LatAm

Sweden

North America

United States

Coverage line	Rate change
Directors and Officers Liability (D&O) – public	Flat to -3%
D&O - private	Flat to -5%
D&O/E&O - asset managers (excluding private equity)	Flat to -5%
Bankers Professional Liability (BPL)	Flat to +10%
Insurance Company Professional Liability (ICPL)	Flat to +10%
Employment Practices Liability (EPL)	Flat to +5%
Fiduciary Liability	-5% to +5%
Cyber	-5% to +5%

Other observations

Banks – Pricing stability is anticipated to persist, especially for Directors & Officers (D&O) risks. However, Bankers Professional Liability (BPL) remains under upward rate pressure, driven by the severity of claims, evolving regulations, economic uncertainty, and ongoing technological changes. Financial institutions continue to face lending and capital-related challenges, including stressed office commercial real estate loans, higher funding costs, margin compression, and deteriorating credit quality.
Asset management – Still favourable and rates remain flat with retentions generally unchanged and coverage intact.

Coverage continues to be robust, with opportunities for incremental improvements—especially for organizations demonstrating strong performance.
Favorable market conditions are likely to remain in place through the end of the year. However, companies with exposure to crypto assets or real estate may encounter more stringent underwriting requirements.
Competitive pricing is expected to persist throughout the remainder of the year.

Coverage

Capacity

Competition ramped up during Q4 2025 renewals as insurers push to meet year-end growth targets, driving more aggressive pricing.
The financial lines marketplace for financial institutions (FI) remains competitive and stable, with continued rate softening across most segments especially D&O and E&O for asset managers.

FinTech - Fintech remains a focal point for insurers, particularly for organizations with established governance and compliance structures. Premiums remain elevated, reflecting previous capacity shortages and the need for customized solutions. Cyber and Errors & Omissions (E&O) coverage continue to be priorities, with insurers increasingly providing options for digital payment platforms, embedded finance, and API-driven business models. While rates are largely stable, companies with exposure to digital assets, rapid expansion, or those approaching IPO may face stricter underwriting standards and higher retentions.
Cyber and AI exposure still continue to be a key risk, with AI powered cyber threats accelerating. Cyber insurance adoption remains low, particularly among mid-sized firm.
M&A activity increase is being driven by the Trump administration’s deregulatory stance, particularly among regional banks. However, state-level regulators are increasing their scrutiny on consumer protection, privacy and AI-related governance.

Other observations

Insurance companies – The Insurance Company Professional Liability (ICPL) market is facing growing challenges and remains highly sensitive to risk profiles. Many leading primary insurers have adopted a more aggressive approach to recent placements, a trend that is expected to continue. Rate hikes and a tightening of underwriting appetite are now typical, particularly in jurisdictions that favor plaintiffs. While the overall number of ICPL providers has stayed largely the same, some insurers are showing increased caution, which may lead to reduced competition and a decreased willingness to offer limits exceeding $10 million.

Contact

Heather Kane
Broking Leader, NA Financial Institutions
and Professional Services Industry Division
heather.kane@wtwco.com

Canada

Coverage line	Rate change
Directors and Officers Liability (D&O) – public	Flat to -10%
D&O - private	Flat to -5%
D&O/E&O - asset managers (excluding private equity)	Flat to -5%
Bankers Professional Liability (BPL)	+5% to -5%
Insurance Company Professional Liability (ICPL)	Flat
Fidelity/Crime	Flat to -5%
Employment Practices Liability (EPL)	Flat to -5%
Fiduciary Liability	Flat
Cyber	Flat to -5%
Mortgage Impairment	Flat to +10%

Increased mortgage impairment interest. Interest is increasing to protect the organization against uninsured/underinsured property exposures within its mortgage and lending portfolio. More insureds are obtaining options for this coverage, which goes further than just force-placed/foreclosed coverage within the FI property policy. We also see some North American insurers opening appetite for this coverage, which was traditionally only available through London.
Potential safeguarding regime shift. Canada’s Retail Payment Activities Act (RPAA) requires payment service providers to comply with safeguarding legislation and to work within the Bank of Canada’s operational framework which commenced on September 8, 2025. Payment service providers are required to protect user-end funds and have a comprehensive risk management framework. Other jurisdictions such as Australia, Japan, UK have already implemented similar legislation. We expect insurance/guarantee methods to be permitted in Canada, like other jurisdictions to address the exposures for payment service providers.

Higher and longer employment practices liability (EPL) settlements. FIs attract and employ higher compensated employees, who are more aware of their rights and the employment environment, making for protracted EPL matters, which drives up settlement costs. Canadian claims continue to be less severe than the US, but Canadian FIs with US employees need to consider the differences between the two jurisdictions and engage experienced expertise in dealing with employee matters. EPL policies can offer confidential employment practices hotlines for Insureds to consult and obtain guidance to mitigate employment matters. However, these resources aren’t engaged as much as they could be, so Insureds should take advantage of the service.

Coverage

General observations

FIs continue to want to benchmark against peers, rather than considering what sets them apart from peers and structuring insurance programs accordingly. The current buyers-market enables FIs to explore different structures and combine coverages to modernize their program.
There is the ability to push insurers to offer more innovative coverage wording to suit modern exposures.

Intersectionality between FIBs and Cyber. claims are becoming more complex for financial institution bonds (FIB, or crime) where bad actors are first accessing online credentials to obtain access to funds. This is blurring the lines between what is a crime loss and what is a cyber loss. Dovetailing these coverages is increasingly important to avoid gaps in coverage.

Coverage

Capacity

Insurer appetites are expanding for FIs, which traditionally provides a narrow field of options for insurers providing FI-specific coverages. This has created a more competitive environment overall; however the blended D&O/E&O coverage supply is more limited.
With larger limits needed for regulatory purposes, more insurers are quota sharing layers (i.e. taking a portion of the limit versus providing the entire limit).
Life agents and broker-dealer programs have limited options, primarily driven by loss experience and limited insurers who have the appropriate administrative and technological infrastructure to handle the demands of these programs.

General observations

Claims are rising in frequency and severity across all lines of coverage. While the competitive landscape is enticing for Insureds, Insureds should prioritize insurer relationships, longevity and experience, when possible, to have a dependable partner in paying claims and to provide pricing stability during a tougher market.

Contact

Elizabeth Adamson
Head of FINEX – Canada
elizabeth.adamson@wtwco.com

Alex Brickman
Client Advocate/Broker – Financial Institutions and
Professional Services (FIPS) Industry Vertical Division
alex.brickman@wtwco.com

Bermuda

Coverage line	Rate change*
D&O	Flat to –5%
Errors & Omissions	Flat to +5%
FI Blends (E&O/D&O/Crime/EPL)	-5% to +5%
Employment Practices Liability	Flat to +5%
Cyber	Flat to –5%
Wage & Hour Insurance	+5% to +10%

*While the above rate change information provides helpful guidance, we do find that pricing is very specific to the sub-industry of each risk and their corresponding loss history.

In general, coverage remains consistent and unchanged at renewal across all coverages.
For EPL, the team is updating the amendatory endorsements in place with each key primary insurer to ensure the broadest coverage possible for our clients.
There is a selection of insurers who have strong appetite for insureds in the Digital Assets space and there are a few tailored offerings now available.
Bermuda offers a selection of exclusive products that can provide valuable coverages to our clients that are not available in any other marketplace; these being: Wage & Hour (W&H), Punitive Damages wraps, Compensation Clawback & the CyProtect excess form.

Coverage

Capacity

The Bermuda market continues to be a stable and reliable capacity provider with approximately 20 markets, and over $400M in capacity across the various coverages offered. Insurers are continuing to offer between $5M – $25M on any one risk.
Typically, Bermuda continues to be a market focused on excess capacity, with the exception of EPL and W&H coverages, as well as coverage for mid-sized Digital Assets firms.
For EPL and W&H, minimum retentions continue to be at $1M.

Other observations

Bermuda insurers all write on highly rated paper (A++ to A-), and have significant experience in paying large and complex claims.
While Bermuda is often considered an extension of the US marketplace, the markets have the appetite and ability to also write non-US domiciled business.

Contact

Tommy Edwards
Head of FINEX Bermuda
tommy.edwards@wtwco.com

LatAm

Coverage line	Rate change
Directors & Officers	10% to 20%
Professional Indemnity	Flat to 10%
Crime	15% to 30%
Cyber	20% to 30%

There is an increasingly open market for exploring innovative coverage across all products and more flexible appetites. In D&O, solutions such as Side A excesses and higher limits are beginning to be explored due to lower rates.
In Cyber, we are seeing innovative coverage, the entry of payment processors, Fintech, and APIs are changing the perception and approach to risk.
For Crime and BBB, we are seeing a lot of flexibility in specific coverage and greater openness to covering social engineering again, still with sub-limits. Similarly, the London markets are proving attractive products and highly competitive rates, showing great interest in the region.

Coverage

Capacity

New markets that use to have capacity only as reinsurers are opening capacity as retail companies in countries such as Mexico, Chile, Colombia, Peru, and Brazil, with great interest in developing new portfolios, increasing local competition.
Similarly, London has deployed greater capacity in primary terms for Cyber, something that has not been seen in previous years.

Other observations

The environment is extremely competitive throughout the region, leading to very large discounts on premiums, but it is extremely important to have an expert broker who can recommend solid markets that have developed incident response services. It is also important to note that companies in Latin America have made solid investments in ESG, which is why FINEX insurance are becoming increasingly relevant.

Contact

Rodrigo Flores
Acting Head of FINEX LatAM
rodrigo.flores@wtwco.com

Great Britain

Coverage line	Rate change*
Directors & Officers	-10% to -20%
Professional Indemnity	-2.5% to -12.5%
Cyber	-7.5% to -20%
Crime	-5% to -12.5%

*Where coverages are bought together, greater premium efficiencies can be achieved.

Negotiations around coverage enhancements remain ongoing. It is increasingly common to secure more favourable terms for both extensions and exclusions, such as ensuring exclusions apply in a more limited scope.
Insurers are continuing to expand into areas such as digital assets, commodities fraud, FinTech solutions, and APP (Authorised Push Payment) fraud insurance. As the market evolves, coverage for these segments is becoming more sophisticated, with insurers willing to offer bespoke cover to address the complex risks faced by insureds operating in digital and financial technology spaces.

Insurers generally have heightened attention to macro-economic and geopolitical pressures, APP fraud, and regulatory compliance. The Social and Governance aspects of ESG—such as fair treatment of customers, ethical business practices, and robust corporate governance—are prominent areas of focus, with less emphasis on environmental and sustainability. While there are no sweeping new adjustments to coverage, there is notable development of standalone solutions within the FinTech arena.
Coverage for supply chain business interruption risk has continued to be a central concern for insureds. At the same time, the market has seen an uptick in the number of ransomware claims; however, the average severity of these incidents has declined. This trend is shaping both underwriting strategies and coverage, with insurers adapting their approaches to balance evolving threat landscapes and clients’ needs. Nevertheless, large retail and manufacturing cyber incidents have not materially impacted cyber insurance premium levels.

Coverage

Capacity

New market entrants including bespoke auto-tracker broker facilities in the marketplace are driving competition.
Some existing insurers are expanding their appetite by increasing both their line sizes and territorial coverage. They are seeking new sources of income and are also looking to offer more primary insurance options.
Combined additional capacity from new and existing markets around USD 50m as compared to 2024.
Cyber: there is a wide range of insurers in the market, but their service levels, especially regarding claims, can vary significantly. However, there is a growing interest in incorporating cyber coverage into Financial Institution (FI) programs, with a stronger focus on alignment across underwriting teams and an emphasis on product innovation.

Other observations

Digital assets: insurers are becoming more open to underwriting digital asset risks. There seems to be a generally wider understanding of the risk profile within the insurance market, particularly as regulations and the macro-political environment evolves.
US exposure: with the rising costs and frequency of litigation and class actions in the US, insurers are carefully considering these factors when incorporating them into their rating programs.
EPL: there is a rise in employment-related insurance claims with several contributing factors, including increased regulatory scrutiny, changing social expectations, challenges from remote and hybrid work models, emerging technologies and economic pressures.

Contact

Henry Keville
Head of FINEX Financial Institutions – Great Britain
henry.keville@wtwco.com

Motor finance: claims activity has remained steady in 2025, however since the Supreme Court judgment regarding the disclosure of commissions, this has eased fears in the market and lowered any hard market expectations and significant shift in premiums.
Retentions: some insurers are prepared to be more flexible on retention levels compared to premium expectations.
Reinsurance: this has been relatively stable this year and we do not anticipate this to change any time soon, absent of any CAT loss, which is driving the rates mentioned above.

Belgium and Netherlands

Coverage line	Rate change
Crime	Flat to -5%
Professional Indemnity	Flat to -5%
Directors & Officers	-5% to -10%
Fiduciary	Flat
Fund (IMI)	-5% to -10%

Coverage is stable, with room to negotiate wording improvements.
Initiatives to combine FI covers, including with cyber. Still early days whether this will be the future.
Insurers are assessing how to deal with crypto entering the FI space but growing appetite.
Insurers have big appetite to write IMI business.
US Fiduciary still challenging due to excessive fee litigation.

Coverage

Capacity is available abundantly.
In order to maintain topline, increase of line size is often offered.
Due to heavy competition on (high) excess layers, insurers try to move down at programs.
More insurers are looking to write primary positions.

Capacity

Other Observations

Insurers are looking for growth, so heavy competition on many accounts.
Western European capacity is mostly sufficient to complete programs.
The New Dutch Pension Act is being closely monitored but does not appear to have any impact on cover or rates.
ESG, Cyber and the use of AI continue to be areas of focus for insurers when assessing FI risks.

Contact

Martijn van Strijen
Director, FINEX BeNe
martijn.vanstrijen@wtwco.com

Melodie Minne
Head of Finex Belgium
melodie.minne@wtwco.com

Erwin Henkes
Specialty Leader FINEX
erwin.henkes@wtwco.com

Germany

Coverage line	Rate change
Crime	-5% to Flat
Professional Indemnity	-5% to –10%
Directors & Officers	-5% to –10%
Fiduciary	Flat

Premiums are showing a modest but consistent decline (up to 10% in key lines like PI and D&O, in individual cases even higher), reflecting stronger insurer competition and a shift from defensive portfolio correction strategies to proactive growth initiatives. Insurers are now more willing to offer competitive terms to attract quality accounts.
D&O and PI renewals continue to benefit from enhanced flexibility in terms and conditions. Insurers are increasingly open to tailored extensions and customized reporting requirements.
Cyber risk integration remains a core focus in renewal negotiations:
- Cyber liability is now standard or widely available as an extension in D&O, PI, and Crime policies.
- Clearer definitions of “cyber event” and “data breach” are being adopted, reducing ambiguity.
- Insurers are beginning to apply more granular risk assessments based on cybersecurity maturity scores (e.g., ISO 27001 alignment, penetration testing results) and legal frameworks (e.g. DORA, NIS2).

Coverage

Start-up and fintech segments remain challenging due to limited historical loss data and regulatory scrutiny. However, a small number of specialized insurers have re-entered the space, leading to marginal improvements in availability and pricing—though still significantly less competitive than for established players.
PE-backed financial institutions continue to experience stable premium trends despite macro headwinds (e.g., interest rate volatility). Renewal outcomes reflect strong governance structures and transparent financial reporting, which insurers reward with favorable terms.
Increased willingness to consider long term agreements on a case-by-case basis, especially for well-capitalized and well-governed institutions.

Capacity remains strong and stable, with most major insurers offering EUR 10–15 million per policy, particularly for mid-tier and large-cap clients.
The entry of several new or re-activated insurers into the German FI market—including European reinsurers and some US-based specialty insurers—has intensified competition and supported the downward pressure on premiums.
No material tightening in capacity has been observed; insurers report comfort with current exposure levels and risk diversification.
Digital asset exposures remain a niche area with constrained capacity, though select insurers are developing dedicated frameworks for regulated crypto firms and digital asset custodians.

Other observations

Regulatory and compliance focus remains high: Supervisory expectations (BaFin, ECB) continue to drive demand for comprehensive coverage, especially around AML/CFT, KYC, and internal controls. Policies are increasingly scrutinized for alignment with regulatory standards.
Real estate risks (including commercial real estate and property investment vehicles) remain cautious territory. While not outright excluded, insurers require deeper due diligence, higher deductibles, and tighter exclusions—especially for leveraged or distressed assets.
Sustainability and ESG risks are gaining traction in underwriting discussions. Some insurers now include ESG performance metrics in their pricing models, particularly for investment managers and asset owners.

Contact

Philipp Rouget
Head of FINEX Germany and Austria
philipp.rouget@wtwco.com

Inflation and interest rate sensitivity have had limited impact on FI pricing this year, as insurers have absorbed cost pressures through improved underwriting discipline and capital management rather than price hikes.

Capacity

France

Coverage line	Rate change
Crime	Large and mid-market: stable to -10%
Professional Indemnity	Stable to -10%
Directors & Officers	Stable to -15%
Combine D&O/E&O – PE-VC /Asset managers	Stable to -15%

Commentary: Rates are showing an overall downward trend. Optimization opportunities depend on the current level of premium adequacy, the insured’s risk profile, and their loss history. The size of the tower and the number of excess layers also play a role, with greater savings typically observed on excess policies.

Coverage remains stable are there are no new restrictions on the market.
The market still focus on Ukraine / Belarus / Russia exposure at the renewal process.

Coverage

Capacity

New entrants are providing capacity in the market increasing competition on excess layers.
Most insurers have a broader appetite, even on primary layers.
Excess insurers are currently demonstrating increased appetite to lower their attachment points, thereby intensifying market competition.
However, the capacity deployed per insurer remain stable (EUR5M to EUR10M primary and EUR15M to EUR20M broken down on a whole program).
Asset managers / PE-VC: Insurers have appetite for new business on both primary and excess layers.
FI Crime capacity remains constrained, though the market is showing signs of expansion compared to prior years. However, noticeable competition has emerged, depending on the insured’s risk profile and loss history.

Other observations

Activities related to digital assets continue to be excluded as standard across FI policies. However, a few insurers have started to introduce dedicated coverage solutions for this exposure. While such offerings remain rare and subject to strict underwriting criteria, they could signal a broader market shift towards increased openness to covering digital asset-related risks in the coming years.
ESG posture, particularly where investment policies are politically exposed.

Contact

Vincent Fourrier
Chargé de Comptes FINEX
vincent.fourrier@wtwco.com

Spain

Coverage line	Rate change
Crime	-5% to +5%
Professional Indemnity	Flat to -10%
Directors & Officers (D&O)	Flat to -5%
Fiduciary (BBB)	Flat to -5% (Claims free) +5% to +10% (with Claims)

BBB: Cryptocurrency and other digital assets exclusions are being included however some solutions are available by way of sublimits provided a proposal form is completed.
FIPI: Lower deductibles compared to 2024. Some markets are starting to provide coverage for Digital Assets (Crypto) in their PI wordings.
D&O: Insolvency exclusions are being included on more distressed risks.

Other observations

BBB: Social Engineering remains a top focus for insurers. Generally this coverage is offered with a sub-limit however, can be underwritten full limit depending on the Insured controls.
FIPI: specific exclusions for cyber are still being included.

Contact

Alberto Marbán López
Head of Crime - FINEX
alberto.marban2@wtwco.com

Arturo Revuelta
Head of PI - FINEX
arturo.revuelta@wtwco.com

Sergio Muñoz-Rojas
Head of FINEX Spain
Head of FINEX FI Western Europe
sergio.munoz_rojas@wtwco.com

Capacity

BBB: Primary placement market remains stable - compared to 2024 and new capacity is available in excess layers. Typical capacity is between EUR5M to EUR15M but larger limits may be deployed on a primary basis for larger FIs.
FIPI: increase in capacity compared to 2024 (EUR5M to EUR10M) although mainly in excess layers.
D&O: Capacity between EUR10M to EUR25M is generally available. Some new local insurers are contributing to keeping soft market conditions on excess layers which are still very competitive however some insurers are starting to walk away from risks if the premium is below their minimums.

Coverage

Sweden

Coverage line	Rate change
Crime	Large and mid-market: soft -5% to -30%
Professional Indemnity	Soft -5% to -30%
Directors & Officers	Soft -5% to -30%
Combine D&O/E&O – PE-VC /Asset managers	Soft to Stable: -5% to -20%

Coverage generally remains soft, there are no new restrictions on the market and most insurers will write on bespoke wordings on all lines.
The underwriting process is getting more and more generous, however we continue to encourage insureds to provide full information.
Good opportunities to negotiate coverages enhancement or sub-limits increases.

Other observations

The focus of FI business in Sweden is increasing and we are anticipating growth in this space.

Contact

Joakim Borg
Financial Lines Practice Lead - Nordic
joakim.borg@wtwco.com

Capacity

New entrants are providing capacity in the market increasing competition on excess layers.
Most of insurers have a broaden their appetite, even on primary layers. The market is not reluctant to reduce their attachment point to achieve their development goals.
However, the capacity deployed per insurer remain stable (EUR5M to EUR10M primary and EUR15M to EUR20M broken down on a whole program).
Asset managers / PE-VC: Insurers have appetite for new business on both primary and excess layers.
FI Crime: most insurers offer this as part of a program, in Sweden we bundle D&O and Crime or Crime and PI, standalone Crime is not available.

Coverage

Switzerland

Coverage line	Rate change
Crime	Flat
Professional Indemnity	Flat
Directors & Officers	Flat to -10% for excess
Fiduciary	Flat

After significant corrections in the past, insurers remain cautious especially for primary risks. The excess market is softer thanks to new entrants during those last years and more available capacity. Insurers are interested in growth for D&O again and no longer focus mainly on their own portfolio corrections.
Increased competition has led to better terms and conditions and more flexibility for tailor-made cover enhancements.
Financial institutions with touchpoints on digital assets are still faced with a significant lower risk appetite and therefore lower competition, although we note that some insurers are refining their strategies to capture the potential clients in the Fintech space. Cyber risks are increasing also with the always stronger emergence of AI and clarifications on D&O, PI (with cyber liability extension), and Crime policies continue to be crucial in renewal discussions.
Long Term Agreements may be considered on a case-by-case basis by most stable insurers and with insureds who value longer term business relation to insurers.

Capacity

Coverage

The new market entrants increase total market capacity including UK markets and reinsurance markets.
Facultative reinsurance possibilities on certain opportunities can help consolidate the insurers’ position on some programs and simplify structures for the insured.

Other observations

New market entrants increased the competition. However, since in the beginning of their business they focus exclusively on excess positions and rather refrain from writing PI and/or crime. Consequently, the results of the increased competition are mainly visible on D&O excess layers.
Most insurers face a high challenge in recruiting and retaining financial lines insurers. As a result, more time to plan for renewal negotiations, placements, and implementation is required.
Insureds face new regulatory risks e.g. in Cyber and digital assets (MiCA) but also challenges managing Crime and D&O risks due to increased Cyber and regulatory risks.
The need for quantifying risks and analyzing the interaction between various coverages has never been so important.

Contact

Souk Vanisouvong
Senior Broker FINEX
souk.vanisouvong@wtwco.com

Olivier Pirlot
Head of FINEX Switzerland
olivier.pirlot@wtwco.com

Asia

Financial Institutions

Coverage line	Rate change
Directors & Officers	-10% to -15%
Professional Indemnity	-5% to -10%
Fund (IMI)	-10% to -15%
Crime	-10% to -15%

Insurers across Asia are offering enhanced coverage for Directors & Officers (D&O), Professional Indemnity (PI), Cyber, and Crime particularly for well-performing risks.
There is increasing willingness among Insurers to provide Long-Term Agreements (LTAs) with multi-year pricing commitments for stable Financial Institution (FI) portfolios.
Additionally, there is an evolving interest in alternative risk transfer mechanisms, such as parametric solutions, captives, and structured reinsurance, to complement traditional coverage frameworks.

Capacity

Coverage

Asia’s FI insurance market continues to exhibit strong momentum, supported by expanding underwriting capacity and favorable loss experience. This has contributed to a healthy appetite across core financial lines, including D&O, PI, Cyber, and Crime.
Intensifying competition - particularly among international and wholesale insurers - has placed downward pressure on rates and led to broader coverage offerings for well-managed risks.
Clients are now benefiting from a wider selection of primary insurers, enabling more favorable terms and enhanced program structures.
Looking ahead, market capacity is expected to remain stable or grow further, driven by improving insurer profitability and sustained support from the reinsurance sector.

Other observations

Crypto: Demand for coverage of crypto-related exposures is rising. Insurers are gradually becoming more receptive to underwriting these risks within traditional lines of business, particularly when such exposures represent a small portion of the overall risk profile.
Hong Kong is becoming a key center for crypto investment and innovation, supported by a strong and transparent regulatory framework. This environment is attracting new players, including Managing General Agents (MGAs), who are entering the market to meet the growing insurance needs of crypto-focused clients.
Fintech: There is increasing demand for specialized insurance solutions tailored to early-stage fintech startups. This trend is largely driven by investor requirements mandating coverage as part of funding agreements.

Contact

Martin Giggins
Investment Manager Industry Group Asia
martin.giggins@wtwco.com

Juliana Yong
Associate Director - FINEX Asia
juliana.yong@wtwco.com

Albert Andrew
FINEX Facultative Leader - South East Asia
albert.andrew@wtwco.com

Asia

Asset Management

Coverage line	Rate change
Directors & Officers	-10% to -20%
Professional Indemnity	-10% to -20%
Fund (IMI) (D&O/PI/Crime)	-10% to -20%
Cyber	Average -10%
Crime	-10% to -20%

Hedge fund – as more capacity enters the Asian market, insurers need to consider the broader perceived risk and income growth verses bottom line sustainability. More insurers are exploring and allocating capacity to evolve crime coverage to reflect perceived new risks such as losses arising from Deep Fake and social engineering.
Private equity – capacity and appetite remain available at the right premium; however, those programmes already well placed still remain too low to result in a significant rate swing in market trend. Again, new capacity to the region is helpful to maintaining market leverage on premium rates and coverage.
Credit strategies – increased capital coming into the region has seen the growth in established managers with few new launches in the sector. Increased capacity from insurers have enabled increased limits at stable premium rates, despite litigation trends still overspilling from non-performing investments during the Covid pandemic.

Coverage

Other observations

Cyber risks and landscape presented to asset managers continues to evolve.
Increased investors scrutiny and ODD in IT infrastructure and cyber insurance risk transfer has seen more focus on the subject leading to increase take of the cover.
Increased regulations in the region has also brought more focus to minimum infrastructure and a natural attention turning to Director's liability in not only complying with regulation but also their fiduciary duty in protecting the organization and investors' interests relative to data loss and socially engineered criminal losses.
The region has also been affected by counter party supply chain and business disruption events. This highlights the importance of thorough cyber protection and policy triggers to cover any consequential losses arising for third parties' inability to provide their services.

Contact

Martin Giggins
Investment Manager Industry Group Asia
martin.giggins@wtwco.com

The increase in AI use within the asset management industry has seen managers needing to assess exposures to liability arising from issues such as modelling, accountability, managing conflicts of interest, data protection and regulation compliance and enforcement arising from AI washing - misrepresentation in the use of AI.
Social engineering as the sophistication of cyber criminals evolve together with more readily available AI tools providing access to Deepfake abilities, losses arising from socially engineered or communication manipulation continue to evolve. Careful consideration needs to be given to the social engineering coverage of managers' PI and crime policies. Particular focus should be given to policy language limiting coverage where there is a requirement to prove a payment has been “tested” or proof there is a system of verifying payment instructions is in place.

Australia /
New Zealand

Coverage line	Rate change
Directors & Officers	Flat to –10%
Professional Indemnity	Flat to –5%
Fund Managers – IMI: D&O/PI/Crime	Flat to –10% (asset / investor classification dependent)
Cyber	Flat to –10%
Crime	Flat

Increased competition for market share is forcing some insurers to develop points of differentiation outside of rate alone, presenting opportunities to restructure programmes, increase sub-limits, consider expanding breadth of coverage or agreeing to favourably drafted contract language.
Select insurers willing to consider terms of Long-Term Agreements.
Some insurers are showing a desire to move toward broader blended/modular programs including Cyber risk, or to offer enhanced coverage options across wordings.

Coverage

The market continues to witness competition from both new insurers seeking to increase market share and the return of another who’d previously rescinded capital from the space.
Some insurers who have previously displayed caution participating on primary layers are becoming more receptive or are alternatively seeking to drop down the program, particularly in the mid-market space, signalling an intention to maintain rate.
Insurers looking to deploy additional capacity on existing excess of loss or co-insurance lines, seeking to maintain rate.
Continued competition is expected, leading to greater options at renewal for both primary and excess of loss coverage.

Capacity

Other observations

Newer market entrants increased the competitive landscape, whilst the early underwriting emphasis was on excess positions, some insurers are willing to consider favourable primary positions on select accounts.
Cyber insurers remain highly focused on cyber hygiene, privacy and data governance, considering how Cyber insurance interplays across other financial lines products such as D&O Liability, Crime, Professional Indemnity and Statutory Liability.
Favourable but stabilised market conditions have continued through H2 2025 as insurers continue to compete on premium and coverage, albeit in a more measured and selective manner. Whilst favourable conditions are likely to remain, the market will continue to face the challenge of evolving risks such as AI governance, the continued evolution of the cyber threat landscape and regulatory.

Contact

Ben Glover
Head of Financial Risks – FINEX Pacific
ben.glover@wtwco.com