Global Insurance Market Index 2023 | Global Insurance Market Index

Global insurance markets: Overall pricing continues to moderate; property coverage challenging.

Global commercial insurance pricing rose 3% in the second quarter of 2023, compared to 4% in the prior quarter, according to the Marsh Global Insurance Market Index.

This was the twenty-third consecutive quarter in which composite pricing rose, continuing the longest run of increases since the inception of the index in 2012. Increases peaked at 22% in the fourth quarter of 2020.

Composite pricing was relatively consistent across regions, driven largely by rate decreases for financial and professional lines and either decreases or moderating increases for cyber insurance. Property insurance experienced the largest increases of any major product line.

Globally, cyber insurance pricing increases moderated to 1%, compared to 11% in the prior quarter and 28% in the fourth quarter of 2022.

*Note: All references to pricing and pricing movements in this report are averages, unless otherwise noted. For ease of reporting, we have rounded all percentages regarding pricing movements to the nearest whole number.

Constant bar chart represents global insurance composite pricing change.

Global Insurance Market Index

US pricing

Insurance pricing in the second quarter of 2023 in the US increased by 4%, the same as in the prior quarter.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK pricing

Insurance pricing in the UK increased 1% in the second quarter, compared to 3% in the prior quarter.

Global Insurance Market Index

Latin America and Caribbean pricing

Insurance pricing in the second quarter in the Latin America and Caribbean (LAC) region increased 8%, the same as in the prior 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 in Continental Europe (CE) increased 5%, the same as in the prior 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 2% in the second quarter, compared to 7% in the prior quarter.

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

Global Insurance Market Index

Asia pricing

Insurance pricing in the second quarter in Asia was flat, compared to a 1% increase in the prior quarter.

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Global Insurance Market Index

4%

22%

Global insurance markets: Overall pricing continues to moderate; property coverage challenging.

Constant bar chart represents global insurance composite pricing change.

Key highlights

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