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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.
January 10, 2019. Sydney, Australia. Landscape aerial view of Sydney Opera house near Sydney business center around the harbour.

01/02/2023

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
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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