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- Published: Wednesday, August 10, 2022 08:48
Global commercial insurance prices rose 9% in the second quarter of 2022 (down from an 11% increase in the first quarter), according to Marsh’s Global Insurance Market Index released today, but cyber insurance costs were significantly higher. rose.
This is the 19th straight quarter of growth, but growth continues to be moderate across most business units and nearly all geographies.
Price gains moderated in most regions due to slower inflation and some declines in certain financial and professional sectors. The largest decline in average price gains was seen in the UK, where headline price gains fell by 11% from his 20% in Q1 2022. Prices rose 10% in the US (down from 12%), 7% in the Pacific (down from 10%), 5% in Latin America and the Caribbean (down from 6%), and 3% in Asia. Continental Europe grew 6%, both unchanged from the previous quarter.
Among other findings, the study found that:
- Global non-life insurance prices increased by an average of 6% in Q2 2022, down from a 7% increase in the previous quarter. Property and casualty premiums increased 6% on average compared to 4% in the previous quarter.
- Cyber-driven financial and professional pricing once again showed the highest rate of increase at 16% across major insurance product categories. However, this is down from 26% last quarter.
- In the United States, United Kingdom and the Pacific region, directors’ and officers’ premium rates decreased.
- Cyber insurance pricing continued to rise strongly, but the rate of increase slowed in Q4 to 79% in the US and 68% in the UK, compared with 110% and 102% respectively in the previous quarter. .
marsh.com
