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Press release

Global commercial insurance rates continue moderating trend as pricing up 6% in third quarter of 2022; Asia pricing up 2%

Cyber insurance remains challenging in Asia, with signs that the market is stabilizing 

Asia, 31 October, 2022 – Global commercial insurance prices increased 6% in the third quarter of 2022 (down from an 9% increase in Q2), according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor, continuing a trend of moderating increases that began in Q1 2021. While this is the 20th consecutive quarter of increases, pricing moderated in most regions driven by the first decrease in financial and professional lines since Q3 2017.

Pricing increases across most regions moderated due to an overall decrease in certain financial and professional lines, most notably directors and officers insurance. The US, with a composite pricing increase of 5% (down from 10% in Q2 of 2022), experienced the largest moderation in average price increases. Rates increased in the UK by 7% (down from 11%), in Pacific by 5% (down from 7%), and in Asia by 2% (down from 3%). In Latin America and the Caribbean prices increased by 5% (the same as Q2) and by 6% in Continental Europe (the same as the previous two quarters).

Among other findings, the survey noted:

  • Global property insurance pricing was up 6% on average in the third quarter of 2022, the same level as the previous quarter; casualty pricing was up 4% on average, compared to 6% in the previous quarter. 
  • Asia property insurance pricing rates rose 2% in the third quarter of 2022, the same as in the prior quarter. Global inflation remained a concern for insurers, with a focus on appropriate declaration of declared values by insureds.
  • In Asia, casualty insurance pricing was flat for the second consecutive quarter, with insurers taking a stronger position on their environmental, social and governance (ESG) requirements, with some reducing or withdrawing support based on the strength of their clients’ ESG commitment and practices.
  • For the first time, the Global Insurance Market Index is publishing a global cyber insurance pricing figure, separating cyber data from financial and professional lines data. Globally, cyber insurance pricing increased 53% in Q3. 
  • In the largest cyber insurance markets, the rate of increase continued to moderate with prices rising by 48% in the US and 66% in the UK, compared to 79% and 68%, respectively, in the prior quarter. In Asia, cyber insurance remained challenging, with rate increases of 25% or more in some cases, driven by continued concerns regarding claims, systemic risk, geopolitical tensions, and ransomware.
  • Valuation continues to be a focal point for insurers at renewal, driven by concerns about inflation.

Commenting on the report, Lucy Clarke, President, Marsh Specialty and Global Placement, Marsh said: “The global business environment remains tough for clients. Ongoing inflation and geopolitical instability are affecting all sectors and we expect even more challenging conditions in the already strained property catastrophe market following Hurricane Ian.

“We are working closely with our clients to get the best possible outcomes from the market, as well as explore the whole range of options available to assess and address their risks including alternative and captive solutions.”

About Marsh

Marsh is the world’s leading insurance broker and risk advisor. With more than 45,000 colleagues advising clients in over 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue of $23 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit, and follow us on LinkedIn and X.

Media contacts

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Phyllis Cheng

Vice President, Corporate Communications, Marsh Asia

  • Singapore