Skip to main content
Marsh logo

Global Insurance Market Update

Latin America and Caribbean Pricing Q2 2022

Insurance pricing in the second quarter in the Latin America and Caribbean (LAC) region increased 5%, a decline from 6% in the prior quarter.
Cityscape, Cartagena de Indias, Colombia.

07/28/2022

Casualty pricing increases for first time in two years

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

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing increased 5%, compared to an 8% rise in the previous quarter.

  • Pricing increases continued across the region when facultative capacity was needed, particularly for countries with CAT exposures.
  • In Brazil, local conditions were challenging, following many years of softer market conditions compared to international markets.
  • Market uncertainty increased across the region regarding political risk.
  • Insurers remained disciplined and cautious regarding capacity deployment.

Casualty insurance pricing rates increased 4% in the second quarter, the first average increase since the first quarter of 2020.

  • There was sufficient capacity for low limit, non-complex programs.
  • Pricing generally stabilised for large, complex programs with high limits and exposures.
  • In Brazil, markets showed increasing concern for long tail exposures and rising claims.
  • In Colombia, local capacity was sufficient and rates were stable.

Financial and professional lines pricing rose 6%, down from an 11% increase in the prior quarter, driven by cyber pricing.

  • For FIs and D&O coverage, the market was transitioning, with new capacity entering the region.
  • Local market underwriting appetite remained conservative.
  • Cyber insurance experienced increases above 30%.
    • Restrictions on coverage included higher retentions, ransomware coinsurance, and sub-limits in first-party coverage.

Global Insurance Market Index – 2022 Q2

Download full report

Explore the report

Panorama of Chicago

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.
Skyline of London over Tower Bridge on the Thames

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.
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 second quarter of 2022 in Continental Europe (CE) increased 6%, the same rate of increase as in the first quarter.
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 7%, down from 10% in the prior quarter and the sixth consecutive quarterly reduction in rate increases.
beautiful nanpu bridge at dusk,crosses huangpu river,shanghai,China

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.

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 22/326.

“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.”