Global Insurance Market Update

Middle East and Africa Insurance Market Index

The Middle East and Africa Insurance Market Pricing report is our proprietary measure of commercial insurance premium pricing change at renewal, providing insights on MEA's major insurance markets.

Middle East and Africa Pricing Q3 2022

Global commercial insurance prices rose 6% in the third quarter of 2022, according to the Marsh Global Insurance Market Index (see Figure 1). The pace of rate increases 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 globally, continuing the longest run of increases since the inception of the index in 2012.

Across Africa pricing increases were experienced in the third quarter. Property price increases are tracking with global averages and the casualty market is still challenging in line with global trends. Markets are imposing wording restrictions around suppliers, customers and utilities this quarter has seen a marked increase in these restrictions across the market.

In the Middle East and North Africa (MENA) region, local insurers generally are not able to act as a leader on large insurance programs due to limited local capacity, and are typically dependent on the reinsurance market. In the third quarter, some reinsurers acted to capture new business. Multiple reinsurers are reviewing possibilities to start underwriting from the Dubai International Finance Centre (DIFC).

Report

Insurance Market Pricing: Middle East and Africa - Q3 2022

Explore the Middle East and Africa Insurance Pricing Trends report