Casualty pricing increases for second consecutive quarter
Insurance pricing in the third quarter in the Latin America and Caribbean (LAC) region increased 5%, the same as in the prior quarter
Property insurance pricing increased 5%, the same as in the previous quarter and the sixteenth consecutive quarter of increase.
- Price increases continued across the region when facultative capacity was required, which is becoming common, particularly for countries with catastrophe (CAT) exposure.
- There were pockets of more challenging conditions across the region, with concern in Brazil that few markets would accept complex risks as insurers focused on year-end results.
- There was limited regional capacity for strikes, riots, and civil commotion (SRCC) and sabotage and terrorism (S&T) coverage, mainly due to political uncertainty in Chile and Mexico.
Casualty insurance pricing increased 6% in the third quarter, compared to 4% in the prior quarter.
- The two consecutive quarters of increase were the first since the beginning of 2020.
- Non-complex programs and those with low limits experienced signs of increasing pricing and limited capacity.
- The local insurance market is beginning to reflect pricing in the facultative and international markets.
Financial and professional lines pricing rose 6%, the same as in the prior quarter.
- Regional and local market underwriting appetite remained conservative.
- The overall trend was for moderation in the pace of price increases for financial and professional lines.
- New local and international capacity allowed for relatively easier placement for risks with high limits.
Cyber insurance continued to present challenges in pricing.
- Appetite and capacity from international markets increased for regional cyber risks — mostly excess capacity.
Explore the report

Global Insurance Market Index
UK Pricing
Insurance pricing in the third quarter of 2022 in the UK increased 7%, compared to 11% in the second quarter

Global Insurance Market Index
Asia Pricing
Insurance pricing in the fourth quarter in Asia increased 2%, the same as in in the prior quarter.