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Global Insurance Market Index

Pacific pricing Q1 2023

Insurance pricing in the Pacific region increased 7% in the first quarter, compared to 5% in the prior quarter.
January 10, 2019. Sydney, Australia. Landscape aerial view of Sydney Opera house near Sydney business center around the harbour.

26/04/2023

Pacific Insurance Markets: Property, liability and cyber insurance pricing continue to rise, while financial and professional lines pricing remain flat. 

Average insurance pricing in the Pacific region increased 7% in the first quarter, compared to 5% in the prior quarter. Globally, the average pricing increase was 4% in the first quarter, the twenty-second consecutive quarter of global price increases shown by the Marsh Global Insurance Market Index*.  

Across the various regions, composite pricing increases for the first quarter were as follows:

  • Pacific: 7%
  • US: 4%
  • UK: 3%
  • Europe: 5%
  • Latin America and the Caribbean: 8%
  • Asia: 1%

Globally, pricing for the four major insurance lines were:

  • Property insurance: +10%
  • Casualty insurance: +3%
  • Financial and professional lines insurance: -5%
  • Cyber insurance: +11%.

We invite you to read the full Global Insurance Market Index First Quarter 2023. If you would like more information about pricing or other risk and insurance issues, please reach out to your Marsh representative.

*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.

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Global Insurance Market Index

US pricing

Insurance pricing in the first quarter of 2023 in the US increased by 4%, compared to 3% 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 3% in the first quarter, compared to 4% in the prior quarter.
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Global Insurance Market Index

Latin America and Caribbean pricing

Insurance pricing in the first quarter in the Latin America and Caribbean (LAC) region increased 8%, compared to 7% in the prior quarter.
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Global Insurance Market Index

Continental Europe pricing

Insurance pricing in the first quarter in Continental Europe (CE) increased 5%, compared to 6% in each of the prior four quarters.
beautiful nanpu bridge at dusk,crosses huangpu river,shanghai,China

Global Insurance Market Index

Asia pricing

Insurance pricing in the first quarter in Asia increased 1%, compared to 2% in the prior quarter.

This document and any recommendations, analysis, or advice provided by Marsh (collectively, the ‘Marsh Analysis’) are not intended to be taken as advice regarding any individual situation and should not be relied upon as such. This document contains proprietary, confidential information of Marsh and may not be shared with any third party, including other insurance producers, without Marsh’s prior written consent. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Except as may be set forth in an agreement between you and Marsh, Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party with regard to the Marsh Analysis or to any services provided by a third party to you or Marsh. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. LCPA 23/173