Global commercial insurance pricing rose 4% in the first quarter of 2023, the same as in the prior quarter, according to the Marsh Global Insurance Market Index.
This was the twenty-second 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.
Property insurance pricing in the first quarter increased by 10% compared to 7% in the prior quarter; in the US, property pricing increased 17%, compared to 11% in the fourth quarter. Financial and professional lines pricing declined for the third consecutive quarter.
Cyber insurance pricing increases moderated again, to 11% compared to 28% in the prior quarter.
*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.
Regionally, composite pricing increases for the fourth quarter were as follows:
Q3 2022 Global Insurance Market Index
Globally, pricing for the four major product lines were:
GIMI Q3 2022