Globally, cyber insurance pricing continues to show significant rate increases — 110% in the US and 102% in the UK for the quarter

London:

Insurance pricing in the first quarter of 2022 in Asia increased 3%, down from 4% in the prior quarter, as price increases continue to moderate, said Marsh Global Insurance Market Index in 2012.

Property insurance pricing in the region rose 2%, down from 3% in the fourth quarter of 2021.Insurer competition continued to focus on loss-free clients in low-hazard industries.

The market remained challenging for clients in CAT zones, high-hazard industries, and those with poor loss histories, said the report.

Clients in high-hazard industries and those with poor loss histories had above average increases in the Asian region.

Casualty insurance pricing increased 2%, as it did in the fourth quarter of 2021. Large losses drove insurer behavior, and accounts with high claims frequency typically had more difficult placements.

Insurers in region started to show concern about claims inflation during the quarter.

However, capacity continues to be plentiful in the region, however, multinational insurers are restricting capacity on excess layers. These challenges are more pronounced with product recall and products liability exposures, said the report.

Financial and professional lines pricing in the region increased 13%, down from 17% in the prior quarter.

Globally pricing increases continue to moderate, with exception of cyber

Global commercial insurance prices rose 11% in the first quarter of 2022 marking the fifth consecutive reduction in rate increase since global pricing increases peaked at 22% in the fourth quarter of 2020.

It was, however, the eighteenth consecutive quarter that composite prices rose, continuing the longest run of increases since the inception of the Marsh Global Insurance Market Index in 2012.

In the first quarter of 2022, slower rates of increase in financial and professional lines led to moderated rates in most geographies, but financial and professional lines continue to outpace property and casualty lines — driven primarily by cyber pricing — with rate increases averaging 26%, compared to 7% and 4% respectively.

Cyber insurance pricing continues to show significant rate increases — 110% in the US and 102% in the UK for the quarter.