Zurich Insurance has named Wayne Leow as head of commercial insurance in Malaysia.
In his new position, Leow will be responsible for setting and implementing Zurich’s commercial insurance strategy in Malaysia, across key product lines and distribution channels in the corporate and mid-market segments. He will report directly to Junior Cho, CEO of Zurich Malaysia, and have a matrix reporting line to Liam Burrell, CEO of Zurich Singapore and head of commercial insurance, Asia. Zurich said the role includes accountability for underwriting performance, client and broker engagement, and coordination with regional teams on product and portfolio initiatives. The remit covers Malaysian commercial operations in areas such as property, casualty, financial and professional lines, and cyber.
Cho said Leow’s experience in the Malaysian and regional markets would support Zurich’s commercial business in the country. “Wayne’s deep market knowledge and proven ability to build high performing teams and scale commercial relationships will be instrumental in strengthening our position in commercial insurance. We are delighted to welcome Wayne to Zurich and look forward to the positive impact he will bring to our business,” Cho said.
Burrell said Leow’s appointment also fits into Zurich’s commercial leadership structure across Asia. “I am very pleased to welcome Wayne to the Commercial Insurance leadership team. His action-oriented approach coupled with a deep understanding of the market make him ideally suited for this role. I look forward to working with him to strengthen our offering and create greater value for our customers and distribution partners in Malaysia,” Burrell said.
Leow joins Zurich from Chubb Malaysia, where he most recently served as chief broking and large corporate officer. In that role, he worked with large corporate accounts and intermediaries on program design and placement across the region. He has more than 17 years of experience in the insurance sector, having held senior roles at Chubb, Aon, and MSIG Insurance. His career has included positions on both the carrier and broker sides, covering underwriting-related functions, distribution management, and complex corporate risk placements.
At Zurich, Leow is expected to work with underwriting, claims, and distribution teams in Malaysia and across Asia to align local commercial business plans with group risk appetite and regional targets. This includes managing broker relationships, developing sector-focused propositions, and responding to changing risk profiles among Malaysian corporates. For the Malaysian market, his appointment adds another senior-level move among international insurers active in commercial lines, at a time when risk managers and intermediaries are navigating shifting conditions in pricing, capacity, and terms across key classes.
Leow’s appointment comes as global commercial insurance rates continue to moderate, according to the latest Global Insurance Market Index from Marsh Risk, a business of Marsh and a global insurance broker and risk advisor. Marsh reported that average global commercial insurance prices declined by 4% in the fourth quarter of 2025 (Q4 2025), marking the sixth consecutive quarter of rate reductions after a period of quarterly increases. The firm cited competition among insurers, a generally favourable loss environment, reinsurance pricing, and higher capacity as factors behind the rate movements.
Except for the US, all major regions recorded year-over-year composite rate decreases in the quarter. The Pacific region saw a 12% reduction, while India, the Middle East, and Africa recorded a 10% decline. Latin America and the Caribbean, the UK, and Canada each posted 7% decreases. Rates in Europe and Asia fell by 6% and 5%, respectively. In contrast, the overall composite rate in the US, which had fallen by 1% in the third quarter of 2025, was flat in the fourth quarter. The fourth quarter results extended a pricing trend that Marsh said first appeared in early 2021 and has now run for six consecutive quarters.
Across business lines, Marsh’s index showed differing patterns that may be followed closely by Malaysian insurers, brokers, and risk managers. Global property insurance pricing fell 9% in the fourth quarter of 2025, after an 8% decrease in the previous quarter. The Pacific, Latin America and the Caribbean, India, the Middle East, and Africa, and the UK all recorded double-digit property rate reductions. Property rates in the US, Canada, and Europe each declined by 8%, while Asia recorded a 5% drop. Casualty business moved in the opposite direction, with global casualty rates rising 4%, up from 3% in the third quarter. Marsh linked much of that increase to a 9% rise in US casualty pricing, as insurers responded to concerns over the frequency and severity of liability claims and the impact of large, so-called “nuclear” jury awards.
Financial and professional lines rates declined by 4% globally, following a 5% decrease in the third quarter. Most regions experienced reductions, ranging from 11% in India, the Middle East, and Africa to 5% in the UK and Canada. In the US, financial and professional lines rates were unchanged after a 2% decrease in the prior quarter. Cyber insurance pricing fell 7% globally, with all regions reporting decreases. Movements ranged from a 14% decline in Latin America and the Caribbean to a 3% reduction in the US.
