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Global Insurance Market Update

Latin America and Caribbean Pricing Q2 2022

Insurance pricing in the second quarter in the Latin America and Caribbean (LAC) region increased 5%, a decline from 6% in the prior quarter.

27/07/2022

Casualty pricing increases for first time in two years

Insurance pricing in the second quarter in the Latin America and Caribbean (LAC) region increased 5%, a decline from 6% in the prior quarter.

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing increased 5%, compared to an 8% rise in the previous quarter.

  • Pricing increases continued across the region when facultative capacity was needed, particularly for countries with CAT exposures.
  • In Brazil, local conditions were challenging, following many years of softer market conditions compared to international markets.
  • Market uncertainty increased across the region regarding political risk.
  • Insurers remained disciplined and cautious regarding capacity deployment.

Casualty insurance pricing rates increased 4% in the second quarter, the first average increase since the first quarter of 2020.

  • There was sufficient capacity for low limit, non-complex programs.
  • Pricing generally stabilised for large, complex programs with high limits and exposures.
  • In Brazil, markets showed increasing concern for long tail exposures and rising claims.
  • In Colombia, local capacity was sufficient and rates were stable.

Financial and professional lines pricing rose 6%, down from an 11% increase in the prior quarter, driven by cyber pricing.

  • For FIs and D&O coverage, the market was transitioning, with new capacity entering the region.
  • Local market underwriting appetite remained conservative.
  • Cyber insurance experienced increases above 30%.
    • Restrictions on coverage included higher retentions, ransomware coinsurance, and sub-limits in first-party coverage.

Global Insurance Market Index – 2022 Q2

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Global Insurance Market Index

US Pricing

Insurance pricing in the second quarter of 2022 in the US increased 10%, compared to 12% in the prior quarter.
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Global Insurance Market Index

UK Pricing

Insurance pricing in the second quarter of 2022 in the UK increased 11%, compared to 20% in the first quarter.
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Global Insurance Market Index

Continental Europe Pricing

Insurance pricing in the second quarter of 2022 in Continental Europe (CE) increased 6%, the same rate of increase as in the first quarter.
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Global Insurance Market Index

Pacific Pricing

Insurance pricing in the Pacific region increased 7%, down from 10% in the prior quarter and the sixth consecutive quarterly reduction in rate increases.
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Global Insurance Market Index

Asia Pricing

Insurance pricing in the second quarter of 2022 in Asia increased 3%, the same as in the prior quarter.