Global commercial insurance prices rose 11% in the first quarter of 2022.
Pricing in financial and professional lines had the highest rate of increase across the major insurance products.
Global commercial insurance prices rose 11% in the first quarter of 2022 marking the fifth consecutive reduction in rate increase since global pricing increases peaked at 22% in the fourth quarter of 2020.
It was, however, the eighteenth consecutive quarter that composite prices rose, continuing the longest run of increases since the inception of the Marsh Global Insurance Market Index in 2012.
In the first quarter of 2022, slower rates of increase in financial and professional lines led to moderated rates in most geographies, but financial and professional lines continue to outpace property and casualty lines — driven primarily by cyber pricing — with rate increases averaging 26%, compared to 7% and 4% respectively.
Cyber insurance pricing continues to show significant rate increases — 110% in the US and 102% in the UK for the quarter.
Regionally, composite pricing increases for the first quarter were as follows
Latin America and the Caribbean