Press release

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

Cyber rates continue to rise, though at slower pace

New York | October 26, 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.
  • 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.
  • The exclusion of cyber meant that, for the first time since 2017, overall pricing in financial and professional lines fell by 1% in Q3, compared to a 16% increase in Q2; a figure that included cyber. The result this quarter was driven by decreases in the US, UK and Australia and moderating rates of increase elsewhere.
  • 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 around 45,000 colleagues operating in 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 over $20 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, follow us on LinkedIn and Twitter or subscribe to BRINK.

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