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Global Insurance Market Update

Pacific Pricing Q3 2022

Insurance pricing in the Pacific region increased 5%, down from 7% in the prior quarter and the seventh consecutive quarterly reduction in rate increases

25/10/2022

D&O pricing declines for second consecutive quarter

Insurance pricing in the Pacific region increased 5%, down from 7% in the prior quarter and the seventh consecutive quarterly reduction in rate increases

Constant bar chart represents Global Insurance Composite Pricing Change.

Property insurance pricing increased 4%, down from 5% in the prior quarter.

  • Severe flood events in Queensland and New South Wales earlier in the year — with an estimated insured loss greater than $AUD6 billion — has increased the focus on storm/flood risk mitigation, deductible adequacy, and sub-limits.
  • Underwriters continued to focus on general CAT and secondary CAT perils.
  • Commitment to continual risk improvement is critical to renewal success. Insurers also focused on current valuations supporting declared values.

Casualty insurance pricing rose 10%, down from 11% in the prior quarter.

  • Insurers demonstrated continued caution due to claims inflation resulting from litigation trends, as well as inflation in material cost.
  • Some major programs underwent substantial restructuring of layers as a result of changing underwriter appetite.

Financial and professional lines pricing rose 4%, a decrease from 6% in the prior quarter.

  • D&O pricing continued to decline; other financial and professional lines pricing increases continued to moderate.
  • Competition continued to develop, particularly for excess layers, resulting in improved pricing.

Cyber insurance remained challenging; however, it began to stabilise in the quarter as insurers sought to grow their business in this area.

  • Ransomware continued to dominate the claims environment.

Global Insurance Market Index – 2022 Q3

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Global Insurance Market Index

US Pricing

Insurance pricing in the third quarter of 2022 in the US increased by 5%, compared to 10% in the prior quarter
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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
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Global Insurance Market Index

Latin America and Caribbean Pricing

Insurance pricing in the third quarter in the Latin America and Caribbean (LAC) region increased 5%, the same as in the prior quarter
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Global Insurance Market Index

Continental Europe Pricing

Insurance pricing in the third quarter of 2022 in Continental Europe (CE) increased 6%, the same rate of increase as in the prior two quarters
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Global Insurance Market Index

Asia Pricing

Insurance pricing in the third quarter of 2022 in Asia increased 2%, down from 3% in the prior two quarters