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Global Insurance Market Update

Asia Pricing Q1 2022

Insurance pricing in the first quarter of 2022 in Asia increased 3%, down from 4% in the prior quarter, as price increases continue to moderate.

beautiful nanpu bridge at dusk,crosses huangpu river,shanghai,China

04/26/2022

Pace of increase continues to decline

Insurance pricing in the first quarter of 2022 in Asia increased 3%, down from 4% in the prior quarter, as price increases continue to moderate.

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing rose 2%, down from 3% in the fourth quarter of 2021.  

  • Insurer competition continued to focus on loss-free clients in low-hazard industries.
  • The market remained challenging for clients in CAT zones, high-hazard industries, and those with poor loss histories.
  • Clients in high-hazard industries and those with poor loss histories had above average increases.

Casualty insurance pricing increased 2%, as it did in the fourth quarter of 2021.

  • Large losses drove insurer behavior, and accounts with high claims frequency typically had more difficult placements.
  • Insurers started to show concern about claims inflation during the quarter.
  • Capacity continues to be plentiful in the region, however, multinational insurers are restricting capacity on excess layers. These challenges are more pronounced with product recall and products liability exposures.

Financial and professional lines pricing increased 13%, down from 17% in the prior quarter.

  • Capacity challenges remain for US-listed and US-exposed business.
  • Pricing has begun to moderate for financial institutions, though insurers continued to manage capacity and retention levels.
  • The cyber market remained challenging, with ransomware placing considerable pressure on premiums; insurers looked to manage the risk while growing their respective portfolios.
  • Professional indemnity (PI) insurers showed a willingness to retail customized offerings for small- to mid-size clients. Large PI programs, however, saw rate increases — particularly within the communications, media, and technology industry.

Global Insurance Market Index – 2022 Q1

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Global Insurance Market Index

US Pricing

Insurance pricing in the first quarter of 2022 in the US increased 12% — a slight reduction on the same rate of increase compared to the prior two quarters.
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Global Insurance Market Index

UK Pricing

Insurance pricing in the first quarter of 2022 in the UK increased 20%, compared to 22% in the fourth quarter of 2021.
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Global Insurance Market Index

Latin America and Caribbean Pricing

Insurance pricing in the first quarter in the Latin America and Caribbean (LAC) region increased 6%.
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Global Insurance Market Index

Continental Europe Pricing

Insurance pricing in the first quarter of 2022 in Continental Europe (CE) increased 6%, compared to 9% in the fourth quarter of 2021.
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Global Insurance Market Index

Pacific Pricing

Insurance pricing in the Pacific region increased 10%, down from 13% in the prior quarter and the fifth consecutive quarterly reduction in rate increase.

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