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Global Insurance Market Update

Asia Pricing Q2 2022

Insurance pricing in the second quarter of 2022 in Asia increased 3%, the same as in the prior quarter.

beautiful nanpu bridge at dusk,crosses huangpu river,shanghai,China

28/07/2022

Pricing in second quarter mirrors prior quarter

Insurance pricing in the second quarter of 2022 in Asia increased 3%, the same as in the prior quarter.

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing rates rose 2%, the fifteenth consecutive quarter of increase.

  • Pricing increases were most acute for clients with poor loss histories.
  • Pricing increases for natural catastrophe exposures continued to be above the average.
  • Mid-market diversification for insurers brought increased competition.

Casualty insurance pricing was flat, following increases of 2% in the prior two quarters.

  • Insureds with good loss histories generally experienced flat pricing, while those with poor loss histories experienced increases.
  • Insurer risk selection in challenged industries contributed to reduced capacity and increased pricing.
  • Insurers frequently restricted capacity on excess layers; challenges are more pronounced for product recall and products liability exposures.

Financial and professional lines pricing increased 13%, the same as in the prior quarter.

  • The average rate of increase for D&O ranged from 10% to 15%.
    • Capacity challenges remained for US listed or exposed insureds and for certain sectors and countries.
  • Pricing for FIs started to moderate; insurers continued to manage capacity and retention levels.
  • The cyber insurance market remained challenging, with increases generally ranging from 25% to 50% due to ransomware, claims, global market conditions, systemic risk concerns, and geopolitical tensions.
  • Insurers continued to demonstrate caution regarding digital asset/cryptocurrency related companies.
  • Professional indemnity pricing increased in the 10% to 15% range for large programs.

Global Insurance Market Index – 2022 Q2

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Global Insurance Market Index

US Pricing

Insurance pricing in the second quarter of 2022 in the US increased 10%, compared to 12% in the prior quarter.
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Global Insurance Market Index

UK Pricing

Insurance pricing in the second quarter of 2022 in the UK increased 11%, compared to 20% in the first quarter.
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Global Insurance Market Index

Latin America and Caribbean Pricing

Insurance pricing in the second quarter in the Latin America and Caribbean (LAC) region increased 5%, a decline from 6% in the prior quarter.
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Global Insurance Market Index

Continental Europe Pricing

Insurance pricing in the second quarter of 2022 in Continental Europe (CE) increased 6%, the same rate of increase as in the first quarter.
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Global Insurance Market Index

Pacific Pricing

Insurance pricing in the Pacific region increased 7%, down from 10% in the prior quarter and the sixth consecutive quarterly reduction in rate increases.