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Cyber rate increases continue to moderate; property coverage remains challenging globally
Global commercial insurance prices increased 3% in the second quarter of 2023 (down from a 4% increase in Q1), according to the Global Insurance Market Index released on 2 August by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan. The second quarter marks the 23rd consecutive quarter of pricing increases.
Pricing was relatively consistent across all regions in Q2. This was driven largely by rate decreases for financial and professional lines and continued moderation in the cyber insurance market, which was offset by property insurance increases, the largest of any major product line this quarter. In the UK,...
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