Middle East and North Africa Insurance Pricing Trends
Global commercial insurance prices rose 11% in the first quarter of 2022, a decline from the 13% increase in the prior quarter, according to Marsh’s Global Insurance Market Index. Global pricing increases peaked in the fourth quarter of 2020 at 22%, and slowed or remained flat throughout 2021.
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.
