Global commercial insurance prices increased 3 per cent in the Q2 of 2023, down from a 4 per cent increase in Q1, according to Marsh’s Global Insurance Market Index. The broker says this is the 23rd consecutive quarter of pricing increases. Pricing was relatively consistent across all regions in Q2, driven by rate decreases for financial and professional lines and continued moderation in the cyber insurance market. This was offset by property insurance increases, Marsh found global property insurance pricing was up 10 per cent, on average in Q2, the same as in the previous quarter. Globally, cyber insurance pricing increases moderated to 1 per cent, compared to 11 per cent in the prior quarter. This was driven by significant moderation in the US, with average price decreases of 4 per cent, compared to 11 per cent increases in Q1. The survey notes ‘concerns about the impact of inflation on asset values and claims costs remained a key focus for insurers at renewal in most regions’. Commenting on the report, Pat Donnelly, president at Marsh Specialty and global placement, comments: “While the continued moderation in cyber and directors and officers insurance is a positive development for our clients, the continued increases in the property market, specifically property catastrophe, remain an area of concern for our clients, and of focus for us.”
