It was the eighteenth consecutive quarter that composite prices rose, continuing the longest stretch of increases since the inception of the index in 2012. Pricing in ﬁnancial and professional lines again had the highest rate of increase, globally, across the major insurance products.
Larger insurance programs placed in the Middle East and North Africa (MENA) region are affected by changes to the international reinsurance market. In the ﬁrst quarter, smaller programs that accessed local insurers generally experienced pricing below global averages.
In South Africa, local property pricing was generally higher than in the London market on certain risks, while local casualty pricing was typically more competitive than international pricing.