Global commercial insurance price increases continue to moderate
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Global commercial insurance prices increased 11% in the first quarter, Marsh LLC said in its latest Global Insurance Market Index, released Wednesday.
This marked the 18th consecutive quarter of increases but was the fifth consecutive quarter in which global pricing moderated since its peak of 22% in the fourth quarter of 2020, Marsh said.
Slower rates of increase in financial and professional lines led to moderated rates in most geographies in the quarter, Marsh said.
But rate increases for these lines continue to outpace property and casualty lines on a global basis, driven primarily by cyber pricing, with average rate increases of 26% in the quarter, compared with 7% for property and 4% for casualty lines,
Cyber continued to buck the overall trend of moderating rates, with significant rate increases of 110% in the U.S. and 102% in the United Kingdom for the quarter, Marsh said.
In the U.S., average rate increases were 12%, down from 14% in the fourth quarter of 2021. U.S. property insurance price increases in the quarter remained unchanged at 7%, as did casualty at 4%, while financial and professional lines pricing moderated to 28%, down from 34% in the prior quarter.
Latin America and the Caribbean was the only region to see its rate increases accelerate, as they climbed to 6% in the quarter, up from 4% in the fourth quarter.
