Gimi Q3 2022

Global insurance
markets Q3 2022:
Financial and professional
lines pricing declines
2 Global insurance markets: Financial and professional lines pricing declines
Global commercial insurance pricing rose 6% in the third quarter of 2022, according to the Marsh Global Insurance
Market Index. The pace of rate increase slowed for the seventh consecutive quarter; global composite increases
peaked at 22% in the fourth quarter of 2020.
01| Global insurance composite pricing change The third quarter was the twentieth consecutive in
which composite pricing rose, continuing the longest
22%
run of increases since the inception of the index in
20% 2012. In the third quarter of 2022, composite pricing
19%
18% moderated in most regions, driven by the first
decrease in financial and professional lines since the
third quarter of 2017.
15% 15%
Cyber insurance pricing increases again outpaced
other products; however, cyber insurance pricing
14%
13% increases also moderated, to 48% in the US and 66%
in the UK.
11% 11%
Regionally, composite pricing increases for the third
quarter were as follows (see Figure 2):
9%
8% • US: 5%.
• UK: 7%.
• Continental Europe: 6%.
6% 6%
• Latin America and the Caribbean: 5%.
• Asia: 2%.
3% • Pacific: 5%.
2% 2%
Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22
Source: Marsh Specialty and Global Placement
*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.
02| Composite insurance pricing change — by region
US UK Cont. Europe Latin America Asia Pacific
22%
20%
14%
13%
12% 11%
10% 10%
9%
7% 7%
6% 6% 6% 6%
5% 5% 5% 5%
4% 4%
3% 3%
2%
Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22

03| Composite insurance pricing change — by major coverage line
Pricing in financial and professional lines decreased once

Global Property Global Casualty Global FINPRO
cyber insurance rates were separated (see Figure 3). This
is the first edition of our quarterly index that presents
the cyber data separately from financial and professional
lines data, giving a clearer picture of both.
31% • Property insurance: 6%.

26% • Casualty insurance: 4%.
• Financial and professional lines insurance: -1%.
16%
• Cyber insurance: 53%.
Please note that reported changes are averages and
8%
7% the data used to estimate them cover a wide range of
6% 6% 6%
5% clients in terms of size, industry, location, claims history,
4% 4% and other parameters. Many clients experienced pricing
changes that deviated from the average.
-1%
Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22

US pricing: Property insurance rises at

increased pace
Insurance pricing in the third quarter of 2022 in the US increased by 5%, compared to 10% in the prior quarter
(see Figures 4 and 5).
Property insurance pricing increased 8% in
the third quarter, up from 6% in the second;
this is the twentieth consecutive quarter in
04| US composite insurance pricing change
which pricing rose.
US • Exposure growth, or total insured
22%
values, increased by 8% in the quarter.
Global
20% • The rate increases experienced by
19%
18% clients in the third quarter were driven
by changes in the treaty and facultative
reinsurance markets at mid-year.
15% 15% • Valuation was a focal point for property
14% 13%
insurers on virtually every renewal, due
11%
largely to concerns about the current
11%
inflationary environment, supply chain
9%
challenges, labor shortages, and loss
8% experience where adjusted loss amounts
were well above the reported values.
6% 6% Casualty insurance pricing increased

3% compared to a rise of 6% in the prior
5% quarter; excluding workers’ compensation,
3% the increase was 5%.
2% 2%
• Insurers carefully monitored areas
including inflation, court systems
reopening, increased numbers
of vehicles on the road, and
Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 recent hurricanes.
05| US composite insurance pricing change — by major coverage line • The primary casualty market remained generally
competitive; however, insurers continued to seek
increases in some areas.
22% 24% • Casualty insurance pricing continued to be driven
21%
18% 19% by workers’ compensation, as well as a moderation
of increases for umbrella and excess liability,
15%
13% which helped lower the average rate increases on
10%
9%
10% auto insurance.
7% 7% 8%
6% • Incumbent insurers typically offered terms aimed
4% 4%
US Property
3% at keeping casualty clients from going to market

at renewal.
• Excess liability rates increased 7%, compared to 16% in
9% the second quarter as the market continued to benefit
8% 8% from new entrants and increased competition.
7% 7%
5% 6% 6%
4% 4% 3% – Insurers continued to monitor for loss trends
2% 2%
US Casualty
1% moving higher as courts that were closed due to

0% COVID-19 continued to reopen and cases moved at
a faster pace through the system.
-1% 34%
-2% – Underwriters expressed increased concern
30%
28% 28% 28% regarding latency risks, such as per- and
25% 25% 27%
23% 21% polyfluoroalkyl/perfluorooctane sulfonate (PFAS/
15% PFOS), so-called “forever chemicals.”
11%
7%
3%
US FINPRO
2%
1%
-6%

Financial and professional lines pricing decreased 6% in the quarter — a decline from the Cyber insurance pricing increased 48% in the third quarter, compared to 79% in the
second quarter increase of 21%. prior quarter.
• Pricing decreased by 9% for directors and officers (D&O) liability coverage for publicly • The cyber insurance market experienced increased competition; more insurers increased
traded companies, driven by new capacity and competition and following a 6% decline in capacity for insureds with strong cybersecurity controls.
the second quarter.
• Increased competition is due to many factors, including: improved cybersecurity controls,
– Carriers were generally willing to increase capacity on towers, eliminating the need to the effect of retention level increases and rate adjustments in 2021, reduction in claims
have as many insurers on a program. frequency over the past six months despite no change in severity, according to many
insurers, and higher interest rates leading to insurers seeking top line growth.
– In August 2022, 87% of renewals experienced a total program decrease.
• Discussions continued in the industry and in government regarding systemic exposures
– Carriers looked to relationships on other, more challenging coverages — such as cyber
and the correlated nature of cyber risk.
and fiduciary liability — as they sought to win layers on D&O coverage.
• Fiduciary markets continued to be challenged by adverse judgements and ERISA
401k plan excessive fee litigation; insurers expressed concern regarding the product’s
pricing unpredictability.
UK pricing: Financial and professional

lines pricing flat
Insurance pricing in the third quarter of 2022 in the UK increased 7%, compared to 11% in the second quarter
(see Figures 6 and 7).
06| UK composite insurance pricing change Property insurance pricing increased

6% year-over-year, the same as in the
UK second quarter.
22%
• Property insurance pricing continued
Global
20% to plateau, and was generally less
19%
18% volatile for clients.
– Property insurance pricing
remained competitive for low- to
15% 15% medium-hazard industries, and
14%
13%
more challenging for higher
hazard industries or risks
11% 11% with major loss activity and/
or a challenging occupancy or
9%
process, such as food production,
8%
warehousing, or waste recycling.
7% • Insurers focused on claims inflation
6% 6%
trends by increasing pricing if
exposure bases were not, in their
view, appropriately assessed.
3%
2% 2% • As reinsurance treaty renewal
season started, Hurricane Ian
served underwriters in maintaining
pricing discipline.

07| UK composite insurance pricing change — by major coverage line Casualty insurance pricing increased 4%, the same as in the
second quarter.
24% • Rates remained competitive for employers’ liability and

20% public and product liability for clients considered to have
18% attractive risks, despite inflationary pressure.
16%
15% – Exclusionary language created challenges and was
increasingly viewed as a competitive edge as clients
10% 11% 10%
8% 9% chose an insurer.
6% 6% 6%
– Capacity was stable with risk management key to
4%
UK Property
3% achieving favorable terms.

0%
• Inflation played a significant role in renewal discussions.
-1%
• Electric vehicles continued to affect the auto liability
insurance market, with leading insurers saying that
7% 7% 7% damage repair costs are approximately 25% higher for
6% 6%
5% 5% EVs than for cars with internal combustion engines.
UK Casualty
4% 4% 4% 4%
3% 3%
– For example, in many cases battery packs need to be
replaced following minor collisions.
-2% -1%
-3% -3%
90% – EV repair specialists are currently in short supply; a
limited number of garages have the knowledge and
resources to carry out required repairs.
71%
67% Financial and professional lines pricing was flat in the third
64%
57%
54%
quarter compared to average increases of 19% in the second
46%
43% quarter. Some products experienced a decline in rate.
39%
28%
• D&O pricing typically declined in the 5% to 10%
23%
19% range, with substantial rate decreases for large,
15% multinational clients.
7% 7% 7%
UK FINPRO
0%
For financial institutions (FIs), while the average rate increased, some clients experienced • Strict requirements from insurers regarding key cybersecurity controls continued to
reductions of 5% to 10%. positively change underwriters’ views on cyber hygiene at the majority of insureds
compared to 2021 and before.
• Crime insurance capacity remained limited following the market’s abrupt contraction
• We are cautious regarding the improvement in cyber insurance market conditions as
over the past two years, which saw many insurers withdraw altogether.
other factors could compound the risk. For example, the Russia-Ukraine conflict may
Cyber insurance pricing increased 66% in the third quarter, continuing the moderation trend have temporarily paused ransomware attacks by disrupting the many cyber hackers
of the past several months, as losses continued to improve. based in the region.
• The market experienced continued pricing stabilization following a peak increase of 102%
year-over-year in the first quarter of 2022.
Latin America and Caribbean pricing:

Casualty pricing increases for second
consecutive quarter
Insurance pricing in the
08| Latin America composite insurance pricing change third quarter in the Latin
America and Caribbean
Latin America
(LAC) region increased 5%,
Global 22% the same as in the prior
quarter (see Figures 8
20%
19%
18%
and 9).
15% 15% Property insurance pricing increased 5%,
14% the same as in the previous quarter and the
13%
sixteenth consecutive quarter of increase.
11% 11%
• Price increases continued across the region
9%
when facultative capacity was required,
8%
which is becoming common, particularly for
countries with catastrophe (CAT) exposure.
6% 6% • There were pockets of more challenging
5% conditions across the region, with concern
in Brazil that few markets would accept
3%
2% 2% 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.
09| Latin America composite insurance pricing change — by major coverage line 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.
16%
15% • Non-complex programs and those with low limits
14% experienced signs of increasing pricing and
10%
9% 9% 7% 8% limited capacity.
6% 6% 5% 5%
• The local insurance market is beginning to reflect
LAC Property
2% pricing in the facultative and international markets.

0% 0% 0% 0%
Financial and professional lines pricing rose 6%, the
same as in the prior quarter.
• Regional and local market underwriting appetite

remained conservative.
6% • The overall trend was for moderation in the pace of
4% 4%
3% price increases for financial and professional lines.
LAC Casualty
2% 2% 2%
1% 1% • New local and international capacity allowed for
0%
relatively easier placement for risks with high limits.
-2% Cyber insurance continued to present challenges
-3% -3% in pricing.
-4% -4% -4%
-5%
• Appetite and capacity from international markets
26% increased for regional cyber risks — mostly
22% 22% excess capacity.
17% 17% 17%
15% 15%
12%
11%
8%
7% 6% 6%
LAC FINPRO
2% 2%
1%

Continental Europe pricing: Cyber

insurance shows signs of stabilizing
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 (see Figures 10 and 11).
10| Continental Europe composite insurance pricing change Property insurance pricing in CE rose 5%,
compared to 6% in the second quarter.
Continental Europe 22%
20%
• Insurer appetite increased as the overall
19% rating environment improved.
Global 18%
• There was increased interest from insurers
to offer long-term agreements.
15% 15%
• Conditions continued to depend on loss
14%
13% experience and risk quality.
11% 11% – Specific industries and risks
found it more challenging to find
9% capacity due to more restrictive
8% underwriting guidelines.
• Strict underwriting controls continued
6% 6%
6%
and insurers remained disciplined with
respect to capacity deployment and
aggregation, especially for contingent
3% business interruption extensions.
2% 2%
• Territorial exclusions continued for
Ukraine, Belarus, and Russia.

11| Continental Europe composite insurance pricing change — by major coverage line Casualty insurance pricing increased 7%, the
same as in the prior quarter and the thirteenth
21% consecutive quarter of increases.
20% 19%
18%
16% • There was a continued reduction in capacity
from key primary insurers.
12%
10% 10% • Insurers increased pricing levels due to
9%
Cont. Europe Property
8% 6% 6% perceived inadequacy for risks with US exposure,
5%
or those in complex industries.
4% 4%
3%
• Excess casualty and US-exposed placements
0% continued to be challenging, with general liability
risk experiencing double-digit increases in
several countries.
7% 7% 7% • Some insurers reconsidered risk appetite, at

6% 6% times resulting in price increases or withdrawal
5% 5% 5% 5% 5%
of capacity, which particularly affected renewals
Cont. Europe Casualty
4%
3%
with losses and in challenging sectors.
1%
0% -1% 0% • Insurers’ concerns continued regarding social
and general inflation on US auto exposures, with
-2%
significant price increases typical for clients with
large US auto fleets.
24%
22% 23% • Underwriter scrutiny continued for non-
22% 20%
core extensions, such as product recall and
medical malpractice.
14%
13%
12%
9%
5% 5% 6%
Cont. Europe FINPRO
2% 2%
1% 1%
-3%

Financial and professional lines pricing rose 6% in the third quarter. Stability continued Cyber insurance pricing increased 40%, compared to 50% in the second quarter, as new
for D&O liability pricing due to increased capacity and competition from insurers; pricing capacity entered the market.
remained generally flat to low-single digit increases.
– Insurers continued to seek to increase retentions in many instances.
– Some primary insurers offered long-term agreements.
– Underwriters continued to require detailed information on cyber risk controls,
– Competition was seen across all program layers. particularly regarding ransomware.
– Environmental, social, and governance (ESG) risk profiles continued to receive increased – Insurer concerns continued around systemic exposures and accumulation risk.
underwriter scrutiny.
• For FIs, rate increases continued to moderate, and some clients experienced
moderate reductions.
• Crime renewal terms continued to stabilize.
Pacific pricing: 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 (see Figures 12 and 13).
12| Pacific composite insurance pricing change Property insurance pricing increased 4%,
down from 5% in the prior quarter.
Pacific
• Severe flood events in Queensland and
New South Wales earlier in the year — with
Global 22% an estimated insured loss greater than
20% $AUD6 billion — has increased the focus
19%
18% on storm/flood risk mitigation, deductible
adequacy, and sub-limits.
15% 15%
• Underwriters continued to focus on general
14%
CAT and secondary CAT perils.
13%
• Commitment to continual risk improvement
11% 11% is critical to renewal success. Insurers also
focused on current valuations supporting
9% declared values.
8%
Casualty insurance pricing rose 10%, down
from 11% in the prior quarter.
6% 6%
5% • Insurers demonstrated continued caution
due to claims inflation resulting from
3% litigation trends, as well as inflation in
2% 2%
material cost.
• Some major programs underwent
substantial restructuring of layers as a
Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 result of changing underwriter appetite.
13| Pacific composite insurance pricing change — by major coverage line Financial and professional lines pricing rose 4%, a
decrease from 6% in the prior quarter.
• D&O pricing continued to decline; other financial

31% 31%
and professional lines pricing increases continued
28% to moderate.
23%
• Competition continued to develop, particularly for
20%
18% 18% 18% excess layers, resulting in improved pricing.
15% 15%
13% 14% Cyber insurance remained challenging; however, it
11%
8% 8% began to stabilize in the quarter as insurers sought to
Pacific Property
5% grow their business in this area.

4%
– Ransomware continued to dominate the

17%
18% claims environment.
15% 15% 15% 15%
11% 11%
8% 9% 10%
6% 6% 6% 6% 6% 6%
Pacific Casualty
51%
49%
48% 48%
37%
33% 33%
28% 28%
26% 26% 25%
23%
18%
10%
6%
Pacific FINPRO
4%

Asia pricing: D&O pricing continues

to moderate
14| Asia composite insurance pricing change Insurance pricing in the
third quarter of 2022 in
Asia increased 2%, down
Asia
from 3% in the prior two
Global 22% quarters (see Figures 14
19%
20% and 15).
18%
Property insurance pricing rose 2%, the
sixteenth consecutive quarter of increases,
15% 15% which peaked at 18% in the third quarter
14% of 2020.
13%
11% 11% • Clients with challenging claims

experience or those requiring support
9% from facultative markets continued to
8%
see above average rate increases.
• Natural catastrophe capacity continued
6% 6%
to drive pricing that was above
the average.
3% • Global inflation remained a concern
2% 2% for insurers, with continued focus
2%
on the appropriate declaration of
declared values.
• The political violence (PV) market
showed signs of contraction,
Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 with insurers carefully reviewing
their aggregate exposures and
pricing adequacy.
15| Asia composite insurance pricing change — by major coverage line Casualty insurance pricing was flat for the second
consecutive quarter.
18% • Renewal results favored clients with exemplary claims

16%
12%
performance and strong risk management practices.
10% • Insurers continued to be selective in deploying capacity
8% 8%
7% 7% on challenged industry segments, including product
5% 5%
3%
recall and product liability exposure in North America.
2% 2% 2%
Asia Property
1% 1% • Auto and workers’ compensation renewals experienced

0%
decreasing rates in a number of territories, while
holding stable in others.
• Insurers placed more focus on reviewing and updating
policy wordings, ensuring the application of updated
2% 2%
sanctions clauses and exclusions associated with PFAS,
Asia Casualty
1% 1% 1% 1% cyber, terrorism, punitive damages, and contractual

0% 0% 0% 0% 0% 0% 0% 0% 0%
liability.
-1% -1% • Insurers took a stronger position on their ESG

requirements, with some reducing or withdrawing
24% their support based on the strength of the client’s
23%
22% commitment and practices.
18%
17% 17%
Financial and professional lines pricing increased 5%,
14%
down from 13% in the prior quarter.
13% 13%
8% • The pace of rate increases for D&O continued to
5% 5% 5%
moderate, with pricing in the range of 5% to 10%
3%
Asia FINPRO
across Asia.
0% 0% – Increases were typically higher for US listed/
exposed business.
-1%
• Pricing began to moderate for FIs; for large/complex
accounts pricing was nearly flat.

• Professional indemnity (PI) insurers were keen to explore smaller organizations, with Cyber insurance remained challenging, with rate increases of 25% or more experienced by
customized offerings at competitive rates. some clients.
– Some large and/or complex PI programs, especially from the communications, media
• Concerns continued regarding claims, systemic risk, geopolitical tensions, and
and technology (CMT) sector, experienced average rate increases ranging from 5% to
ransomware.
10%, due to blended program structures with cyber coverages.
• As in other regions, there were signs in the quarter that the cyber insurance market is
• Insurers demonstrated caution regarding digital-asset related companies due to systemic
stabilizing.
risks resulting in volatility in asset pricing that can lead to sharp decreases in value, and
potential liquidations.
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Marsh is a business of Marsh McLennan.
This document and any recommendations, analysis, or advice provided by Marsh (collectively, the “Marsh Analysis”) are not
intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information
contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall
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Gimi Q3 2022

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Global insurance

Source: Marsh Specialty and Global Placement

02| Composite insurance pricing change — by region

US UK Cont. Europe Latin America Asia Pacific

Source: Marsh Specialty and Global Placement

03| Composite insurance pricing change — by major coverage line

Pricing in financial and professional lines decreased once

31% • Property insurance: 6%.

Source: Marsh Specialty and Global Placement

US pricing: Property insurance rises at

6% 6% Casualty insurance pricing increased

3% at keeping casualty clients from going to market

1% moving higher as courts that were closed due to

Source: Marsh Specialty and Global Placement

UK pricing: Financial and professional

06| UK composite insurance pricing change Property insurance pricing increased

Source: Marsh Specialty and Global Placement

24% • Rates remained competitive for employers’ liability and

3% achieving favorable terms.

Latin America and Caribbean pricing:

• The two consecutive quarters of increase were the

2% pricing in the facultative and international markets.

• Regional and local market underwriting appetite

Source: Marsh Specialty and Global Placement

Continental Europe pricing: Cyber

Source: Marsh Specialty and Global Placement

7% 7% 7% • Some insurers reconsidered risk appetite, at

Source: Marsh Specialty and Global Placement

Pacific pricing: D&O pricing declines for

• D&O pricing continued to decline; other financial

5% grow their business in this area.

– Ransomware continued to dominate the

Source: Marsh Specialty and Global Placement

Asia pricing: D&O pricing continues

11% 11% • Clients with challenging claims

18% • Renewal results favored clients with exemplary claims

1% 1% • Auto and workers’ compensation renewals experienced

1% 1% 1% 1% cyber, terrorism, punitive damages, and contractual

-1% -1% • Insurers took a stronger position on their ESG

Source: Marsh Specialty and Global Placement

Marsh is a business of Marsh McLennan.

1166 Avenue of the Americas, New York 10036

Copyright © 2022, Marsh LLC. All rights reserved. MA21-XXXXXX 980918335

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