All major coverage lines continue to increase in Pacific region
Geographically, the UK, with a composite pricing increase of 35%, and the Pacific region, with a 29% increase, drove the global composite rate. In the Pacific region:
Property insurance pricing increased 20% in the Pacific region, which was a lower level of increase compared to the prior four quarters.
Australian weather-related catastrophe losses were less severe this season than last, and most claims developed from householder and private motor insurance.
Insurers continued to focus on policy coverage issues such as weather sub-limits and contingient business interruption (CBI) extensions.
Program limits and retentions were heavily scrutinised by insurers, and buyers continued to seek alternatives.
Insurers paid increased attention to insured's environmental, social, and corporate governance (ESG) record.
Casualty insurance pricing rose 17%, the largest year-over-year increase since 2012.
Insurers deployed less capacity on major accounts, making large programs challenging to compete.
Several carriers have withdrawn from various industries and geographies.
Policy wordings continue to be scrutinised.
Financial and professional lines pricing rose 48%, marking 15 consecutive quarters of double-digit increases.
The financial and professional market remained challenging. All major lines - D&O, professional indemnity (PI), and financial institutions - experienced reduced insurer appetite.
Major claims dominated the market, particularly regarding listed company D&O and construction/engineering PI.
Publically listed D&O companies experienced significant premium increases. Reduced limits were common with some signs of new capacity becoming available in the London market.