Asia: Insurance pricing in region rises by 3% in Q2
Source: Asia Insurance Review | Sep 2022
Insurance pricing in the second quarter of 2022 in Asia increased by 3%, the same pace as in 1Q2022, according to the 2Q2022 ‘Global Insurance Market Index’ report released by Marsh.
The rate of increase in prices in Asia in 2Q2022 lagged behind the 8% growth estimated for commercial insurance prices globally (1Q2022: Asia, 3%; global, 11%). Indeed, for the second consecutive quarter, Asia exhibited the lowest increase in insurance pricing compared to other regions in the world. Regionally, composite pricing increases for the second quarter were as follows:
- US: 10%
- UK: 11%
- Continental Europe: 6%
- Latin America and the Caribbean: 5%
- Asia: 3%
- Pacific: 7%.
Property insurance pricing rates rose by 2% in 2Q2022, the 15th consecutive quarter of increase. Casualty insurance pricing was flat in 2Q2022, following increases of 2% in the prior two quarters. Financial and professional lines pricing increased by 13% in 2Q2022, the same as in the prior quarter. A