Global commercial insurance pricing rose 6% in the third quarter of 2022, according to the Marsh Global Insurance Market Index. The pace of rate increase slowed for the seventh consecutive quarter; global composite increases peaked at 22% in the fourth quarter of 2020.
The third quarter was the twentieth consecutive in which composite pricing rose, continuing the longest run of increases since the inception of the index in 2012. In the third quarter of 2022, composite pricing moderated in most regions, driven by the first decrease in financial and professional lines since the third quarter of 2017.
Cyber insurance pricing increases again outpaced other products; however, cyber insurance pricing increases also moderated, to 48% in the US and 66% in the UK.
Regionally, composite pricing increases for the third quarter were as follows:
Q3 2022 Global Insurance Market Index
GIMI Q3 2022