The insurance market in Asia appears to be heading in fragmented directions, according to Marsh in its latest report on the Asian insurance market. Capacity for natural catastrophes has been virtually exhausted because of events in Christchurch, Queensland, Japan and Thailand. Some underwriters are pulling out of geographies completely. However, Marsh noted that "the continued influx of insurance capital into Asia, the demand for protection as the volume of construction projects grows and the increasing general awareness of insurance and risk management, are combining to lessen the direct effects in the primary insurance market". Marsh observed that many domestic and international insurers remained well capitalized and were keen to write new business in classes unaffected by natural catastrophe. Marsh gave as an example d&o cover for companies in Singapore with no US exposure. These purchasers, said Marsh, could expect to find competitive rates. Marsh said that, even given the sequence of catastrophes that have hit the region in the past 12 months, "it is nearly impossible to call an absolute end to the soft market that Asia has enjoyed for so many years". Marsh predicted that the "fragmented and choppy market" would continue.