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Global Insurance Market Update

Pacific Pricing Q4 2022

Insurance pricing in the Pacific region increased 5% in the fourth quarter, the same as in the prior quarter.

01/31/2023

Financial and professional lines pricing flattens

Insurance pricing in the Pacific region increased 5% in the fourth quarter, the same as in the prior quarter.

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing increased 4%, the same as in the prior quarter, with loss impacted and CAT-exposed clients seeing the highest increases.

  • Underwriters continued to focus on CAT perils; organizations’ commitment to continual risk improvement was critical to success at renewal.
  • Ensuring valuations supported declared values was a major underwriting focus due to global inflation.

Casualty insurance pricing rose 10%, the same as in the prior quarter.

  • Insurers kept a focus on claims inflation resulting from litigation trends, as well as material cost inflation.
  • Some new capacity emerged, fostering insurer competition.
  • Some major programs underwent substantial restructuring of layers as a result of changing underwriter appetite. 

Financial and professional lines pricing flattened, compared to a 4% increase in the prior quarter.

  • D&O pricing continued to moderate, as did other financial and professional lines.
  • The development of competition, particularly for excess layers, resulted in improved pricing.

Cyber insurance pricing increased 28% in the fourth quarter.

  • The cyber market remained challenging; however, it began to stabilize in the second half of 2022, with rate increases decelerating.
  • Coverage scrutiny and cybersecurity controls were the main underwriting focus areas.

Global Insurance Market Index – 2022 Q4

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Global Insurance Market Index

US Pricing

Insurance pricing in the fourth quarter of 2022 in the US increased by 3%, compared to 5% in the prior quarter.
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Global Insurance Market Index

UK Pricing

Insurance pricing in the UK increased 4% in the fourth quarter, compared to 7% in the third quarter.
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Global Insurance Market Index

Latin America and Caribbean Pricing

Insurance pricing in the third quarter in the Latin America and Caribbean (LAC) region increased 5%, the same as in the prior quarter
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Global Insurance Market Index

Continental Europe Pricing

Insurance pricing in the third quarter of 2022 in Continental Europe (CE) increased 6%, the same rate of increase as in the prior two quarters
beautiful nanpu bridge at dusk,crosses huangpu river,shanghai,China

Global Insurance Market Index

Asia Pricing

Insurance pricing in the third quarter of 2022 in Asia increased 2%, down from 3% in the prior two quarters