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.