Global commercial insurance pricing increased by 15% in Q3, according to Marsh’s latest Global Insurance Market Index. This is the sixteenth consecutive quarter of rises, although the broker said the rate if increases continued to slow.
The UK posted a composite pricing increase of 27%, down from 28% in Q2 2021. The Pacific region recorded a 17% increase, down from 23% in Q2 2021. These two regions were at the forefront of global rises.
The rate of increase in Asia was 6%, which was steady in comparison to the previous quarter, 2% in Latin America and the Caribbean (down from 4%), and 10% in Continental Europe (down from 13%).
The one exception was the US where rates increased by 14%. This was up from 12% in the previous quarter. Marsh said the rise was driven by substantial increases in cyber insurance rates and a moderate increase in property and casualty rates.
Lucy Clarke, president, Marsh Specialty and Marsh Global Placement, said: “While the risk and insurance landscape remains challenging around the world, we expect rates to continue to moderate in most lines. However, the pressure on rates in cyber insurance is likely to continue.”
