Press release

Global commercial insurance rates continue to moderate as pricing up 11% in first quarter of 2022

Cyber rates continue steep rise; inflation a concern for insurers

Sydney | April, 27, 2022

Global commercial insurance prices increased 11% in the first quarter of 2022, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor, continuing a trend of moderating rate increases that began in Q1 2021. While this is the 18th consecutive quarter of increases, the rate of increase continues to moderate across most lines of business and in almost all geographies.

Pricing increases across most regions moderated due to a slower rate of increase in financial and professional lines. The UK, with a composite pricing increase of 20% (down from 22% in Q4 of 2021), and the US, where prices increased 12% (down from 14%) continued to drive the global composite rate. The rate of increase in Pacific was 10% (down from 13%), in Asia 3% (down from 4%) and 6% in Continental Europe (down from 9%). For the second consecutive quarter, the one exception to the moderating trend was Latin America and the Caribbean where rates increased by 6% (up from 4% the previous quarter).

Among other findings, the survey noted:

  • Global property insurance pricing was up 7% on average, down from an 8% increase, in the first quarter of 2022; casualty pricing was up 4% on average, down from 5% in the previous quarter.
  • Pricing in financial and professional lines, largely driven by cyber, again had the highest rate of increase across the major insurance product categories, at 26%. However, this was down from 31% in the previous quarter, due to a slower rate of increase for directors and officers insurance.
  • Cyber insurance rates continued to rise driven largely by the continued increase in the frequency and severity of ransomware claims with many insurers seeking to tighten coverage terms and conditions, especially in relation to the conflict in Ukraine. Prices increased 110% in the US (down from 130% in Q4 2021), and 102% in the UK (up from 92%).
  • Increases in inflation are already impacting claims in several lines of business and have been flagged by insurers as a concern in affected geographies.

Commenting on the report, Lucy Clarke, President, Marsh Specialty and Marsh Global Placement, said: “The war in Ukraine, while most importantly a humanitarian tragedy, has added pressure to what is already a challenging insurance market for our clients. We are also beginning to see the impact of rising inflation on loss costs and exposure growth, which in turn could affect pricing.

“However, market fundamentals remain strong and we expect rate increases to continue their moderating trend.

We will continue to help clients find competitive pricing and coverage, as well as meaningful insights into how the quickly changing market dynamics may impact their risks.”

About Marsh

Marsh is the world’s leading insurance broker and risk advisor. With around 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue nearly $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit, follow us on LinkedIn and Twitter or subscribe to BRINK.


Media contact

Image placeholder

Amie  Calvert

Marketing and Communications Leader, Pacific

+61 477 561 806

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any modelling, analytics, or projections are subject to inherent uncertainty, and any Marsh analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. LCPA 22/196.

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”