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Global Insurance Market Update

Latin America and Caribbean Pricing Q1 2022

Insurance pricing in the first quarter in the Latin America and Caribbean (LAC) region increased 6%.
Cityscape, Cartagena de Indias, Colombia.

04/26/2022

Appetite for D&O lines increases

Insurance pricing in the first quarter in the Latin America and Caribbean (LAC) region increased 6%. Casualty pricing in the region was flat, marking a potential shift from decreasing rates in the space.

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing increased 8%, up from 7% in the previous quarter.

  • Clients experienced price increases throughout the region in instances where facultative reinsurance capacity was required.
  • Brazil experienced significant increases in property pricing, with average increases of 10%, driven by a lack of capacity for heavy industries.
  • In Mexico, capacity restriction due to reinsurance treaty renewals drove some early direct market pricing challenging for some clients.

Casualty insurance pricing was flat in the first quarter of 2022, ending several consecutive quarters of decrease.

  • Local capacity and competition continued to mitigate casualty pricing.
  • Large, complex programs and high-capacity limits continued to experience modest increases across the region, especially when there was a need for facultative reinsurance capacity.
  • In Brazil, increasing claims ratios may affect the market in the short term.

Financial and professional lines pricing rose 11%, down slightly from the 12% increase in the prior quarter.

  • Insurers demonstrated a notable increase in appetite in both D&O and crime markets.
  • The professional indemnity (PI) market reflected less appetite than other lines and insurers are reviewing risks on a case-by-case basis.
  • Cyber prices increased 30% to 40%, in line with the prior quarter.

Global Insurance Market Index – 2022 Q1

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Panorama of Chicago

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.
Skyline of London over Tower Bridge on the Thames

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.
Panarama of the mountains, snow and blue glacial ice of the Smeerenburg glacier, Svalbard, and archipelago between mainland Norway and the North Pole. An inflatable boat is anchored in the foreground.

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.
January 10, 2019. Sydney, Australia. Landscape aerial view of Sydney Opera house near Sydney business center around the harbour.

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

Global Insurance Market Index

Asia Pricing

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.

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