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Global Insurance Market Index

Pacific pricing Q1 2023

Insurance pricing in the Pacific region increased 7% in the first quarter, compared to 5% in the prior quarter.
January 10, 2019. Sydney, Australia. Landscape aerial view of Sydney Opera house near Sydney business center around the harbour.

26/04/2023

Australia-Pacific Insurance Markets: Property, liability and cyber insurance pricing continue to rise, while financial and professional lines pricing remain flat. 

Average insurance pricing in the Pacific region increased 7% in the first quarter, compared to 5% in the prior quarter. Globally, the average pricing increase was 4% in the first quarter, the twenty-second consecutive quarter of global price increases shown by the Marsh Global Insurance Market Index*.  

Property insurance pricing increased 8% in the first quarter, compared to 4% in the prior two quarters.

  • Underwriters continued to focus on CAT perils; organisations’ commitment to continual risk improvement was critical to success at renewal.
  • Underwriters focused on ensuring that valuations supported declared values, due to global economic inflation.

Casualty insurance pricing rose 10%, the same as in the prior two quarters.

  • Insurers maintained focus on claims inflation due to litigation trends and material cost inflation.
  • New capacity emerged, fostering insurer competition.
  • Some liability programs went through substantial restructuring due to changes in underwriter appetite.

Financial and professional lines pricing remained flat, the same as in the prior quarter. 

  • D&O pricing continued to improve, with most renewals seeing reductions from -5% to -10%, and in some cases more.
  • Increased competition, particularly for excess layers, contributed to improved pricing.
  • The cyber market remained challenging; however, it began to stabilise in the second half of 2022, with price increases moderating.
  • Coverage scrutiny and cybersecurity controls were the main underwriting focus areas.

Constant bar chart represents global insurance composite pricing change.

Global Insurance Pricing

Across the regions, composite pricing increases for the first quarter were as follows:

  • Pacific: 7%
  • US: 4%
  • UK: 3%
  • Europe: 5%
  • Latin America and the Caribbean: 8%
  • Asia: 1%

Globally, pricing for the four major insurance lines were:

  • Property insurance: +10%
  • Casualty insurance: +3%
  • Financial and professional lines insurance: -5%
  • Cyber insurance: +11%.

We invite you to read the full Global Insurance Market Index First Quarter 2023. If you would like more information about pricing or other risk and insurance issues, please reach out to your Marsh representative.

 

*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.

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Global Insurance Market Index

US pricing

Insurance pricing in the first quarter of 2023 in the US increased by 4%, compared to 3% in the prior quarter.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK pricing

Insurance pricing in the UK increased 3% in the first quarter, compared to 4% in the prior quarter.
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Global Insurance Market Index

Latin America and Caribbean pricing

Insurance pricing in the first quarter in the Latin America and Caribbean (LAC) region increased 8%, compared to 7% in the prior quarter.
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Global Insurance Market Index

Continental Europe pricing

Insurance pricing in the first quarter in Continental Europe (CE) increased 5%, compared to 6% in each of the prior four quarters.
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Global Insurance Market Index

Asia pricing

Insurance pricing in the first quarter in Asia increased 1%, compared to 2% in the prior quarter.

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