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Global Insurance Market Update

Continental Europe Pricing Q2 2022

Insurance pricing in the second quarter of 2022 in Continental Europe (CE) increased 6%, the same rate of increase as in the first quarter.

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07/28/2022

Property and D&O lines continue to stabilise

Insurance pricing in the second quarter of 2022 in Continental Europe (CE) increased 6%, the same rate of increase as in the first quarter.

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing rates in CE rose 6%, as insurer competition, particularly for insureds with low levels of loss, put downward pressure on rates.

  • Insurer interest in offering long-term agreements increased.
  • Inflation concerns caused insurers to increase focus on adequacy of valuations for insured or replacement values.
  • Insurers maintained strict underwriting controls and discipline regarding capacity deployment and aggregation issues, especially for contingent business interruption extensions.

Casualty insurance pricing increased 7%, compared to 6% in the first quarter.

  • Pricing increases were limited by insurer competition for new business.
  • Loss-impacted renewals were most challenging, with insurers restricting capacity deployed on individual programs.
  • Insurers demonstrated continued concern about US exposures due to severity of losses and jury awards.
  • Insurers focused on exclusionary language, for example cyber, chemical substances, war and sanctions, climate change litigation, and sexual abuse and molestation.
  • Auto liability pricing increased, by double digits in some territories.

Financial and professional lines pricing moderated, increasing 5% in the second quarter, down from 9% in the prior quarter.

  • Stability in the D&O space continued due to increased competition from insurers and new capacity.
  • FIs continued to experience moderating increases; in some cases pricing was flat to moderate reductions.
  • Cyber insurance pricing increased by 50%, compared to 80% in the prior quarter.
  • Concerns around systemic exposures and accumulation risk continued to grow, with the war in Ukraine a particular concern.

Global Insurance Market Index – 2022 Q2

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Global Insurance Market Index

US Pricing

Insurance pricing in the second quarter of 2022 in the US increased 10%, compared to 12% in the prior quarter.
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Global Insurance Market Index

UK Pricing

Insurance pricing in the second quarter of 2022 in the UK increased 11%, compared to 20% in the first quarter.
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Global Insurance Market Index

Latin America and Caribbean Pricing

Insurance pricing in the second quarter in the Latin America and Caribbean (LAC) region increased 5%, a decline from 6% in the prior quarter.
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Global Insurance Market Index

Pacific Pricing

Insurance pricing in the Pacific region increased 7%, down from 10% in the prior quarter and the sixth consecutive quarterly reduction in rate increases.
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Global Insurance Market Index

Asia Pricing

Insurance pricing in the second quarter of 2022 in Asia increased 3%, the same as in the prior quarter.

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