*Note: All references to pricing and pricing movements in this report are averages, unless otherwise noted. For ease of reporting, we have rounded all percentages regarding pricing movements to the nearest whole number.
Pricing continues to stabilise; property line remains challenging
Global commercial insurance pricing rose 3% in the third quarter of 2023, the same as in the prior quarter, according to the Marsh Global Insurance Market Index.
This was the twenty-fourth consecutive quarter in which composite pricing rose, continuing the longest run of increases since the inception of the index in 2012. Increases peaked at 22% in the fourth quarter of 2020.
Composite pricing regionally ranged from a decrease of 1% in the UK and in Canada, to an increase of 10% in the Latin America and Caribbean region.
Property insurance experienced increases in every region, while cyber and financial and professional lines pricing generally decreased or showed moderating increases.
Global Insurance Market Index Third quarter 2023
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Global Insurance Market Index
Europe pricing
Insurance pricing in the third quarter in Europe increased 4%, compared to 5% in the prior quarter.
Global Insurance Market Index
Asia pricing
Insurance pricing in the third quarter in Asia was flat, the same as in the prior quarter.
