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1、Global insurance markets Q3 2022:Financial and professional lines pricing declinesGlobal insurance markets:Financial and professional lines pricing declines2Source:Marsh Specialty and Global Placement01|Global insurance composite pricing changeQ3 182%Q4 182%Q1 193%Q2 196%Q3 198%Q4 1911%Q1 2014%Q2 20
2、19%Q3 2020%Q4 2022%Q1 2118%Q2 2115%15%Q3 2113%Q4 21Q1 2211%Q2 229%Q3 226%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
3、 at 22%in the fourth quarter of 2020.The third quarter was the twentieth consecutive in which composite pricing rose,continuing the longest run of increases since the inception of the index in 2012.In the third quarter of 2022,composite pricing moderated in most regions,driven by the first decrease
4、in financial and professional lines since the third quarter of 2017.Cyber insurance pricing increases again outpaced other products;however,cyber insurance pricing increases also moderated,to 48%in the US and 66%in the UK.Regionally,composite pricing increases for the third quarter were as follows(s
5、ee Figure 2):US:5%.UK:7%.Continental Europe:6%.Latin America and the Caribbean:5%.Asia:2%.Pacific:5%.*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 neare
6、st whole number.Global insurance markets:Financial and professional lines pricing declines3Source:Marsh Specialty and Global Placement02|Composite insurance pricing change by regionUSUKCont.EuropeLatin AmericaAsiaPacificQ4 2114%22%Q4 21Q4 219%Q4 214%Q4 214%Q4 2113%Q1 2212%20%Q1 22Q1 226%Q1 226%Q1 22
7、3%Q1 2210%Q2 2210%Q2 2211%Q2 226%Q2 225%Q2 223%Q2 227%Q3 225%Q3 227%Q3 226%Q3 225%Q3 222%Q3 225%Global insurance markets:Financial and professional lines pricing declines4Global PropertyGlobal CasualtyGlobal FINPROSource:Marsh Specialty and Global Placement03|Composite insurance pricing change by ma
8、jor coverage lineQ4 218%Q4 215%Q4 2131%Q1 227%Q1 224%Q1 2226%Q2 226%Q2 226%Q2 2216%Q3 226%Q3 224%Q3 22-1%Pricing in financial and professional lines decreased once cyber insurance rates were separated(see Figure 3).This is the first edition of our quarterly index that presents the cyber data separat
9、ely from financial and professional lines data,giving a clearer picture of both.Property insurance:6%.Casualty insurance:4%.Financial and professional lines insurance:-1%.Cyber insurance:53%.Please note that reported changes are averages and the data used to estimate them cover a wide range of clien
10、ts in terms of size,industry,location,claims history,and other parameters.Many clients experienced pricing changes that deviated from the average.Global insurance markets:Financial and professional lines pricing declines515%2%2%3%6%8%11%19%20%18%14%15%13%04|US composite insurance pricing change11%22
11、%Q2 21Q3 18Q4 18Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 215%USGlobalSource:Marsh Specialty and Global PlacementQ3 21Q4 21Q1 22Q2 226%Q3 229%US pricing:Property insurance rises at increased paceInsurance pricing in the third quarter of 2022 in the US increased by 5%,compared to 10%in the prior qua
12、rter(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 which pricing rose.Exposure growth,or total insured values,increased by 8%in the quarter.The rate increases experienced by clients in the third q
13、uarter were driven by changes in the treaty and facultative reinsurance markets at mid-year.Valuation was a focal point for property insurers on virtually every renewal,due largely to concerns about the current inflationary environment,supply chain challenges,labor shortages,and loss experience wher
14、e adjusted loss amounts were well above the reported values.Casualty insurance pricing increased 3%compared to a rise of 6%in the prior quarter;excluding workers compensation,the increase was 5%.Insurers carefully monitored areas including inflation,court systems reopening,increased numbers of vehic
15、les on the road,and recent hurricanes.Global insurance markets:Financial and professional lines pricing declines624%3%4%4%US Property10%13%18%21%22%19%15%-2%-1%0%2%1%2%5%8%8%9%US Casualty7%1%2%3%7%11%15%23%30%28%28%US FINPRO25%05|US composite insurance pricing change by major coverage lineQ3 18Q4 18
16、Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 21Source:Marsh Specialty and Global PlacementQ2 219%6%25%10%7%27%Q3 217%4%34%Q4 21Q1 227%4%28%Q2 226%6%21%8%3%-6%Q3 22 The primary casualty market remained generally competitive;however,insurers continued to seek increases in some areas.Casualty insurance p
17、ricing continued to be driven by workers compensation,as well as a moderation of increases for umbrella and excess liability,which helped lower the average rate increases on auto insurance.Incumbent insurers typically offered terms aimed at keeping casualty clients from going to market at renewal.Ex
18、cess liability rates increased 7%,compared to 16%in the second quarter as the market continued to benefit from new entrants and increased competition.Insurers continued to monitor for loss trends moving higher as courts that were closed due to COVID-19 continued to reopen and cases moved at a faster
19、 pace through the system.Underwriters expressed increased concern regarding latency risks,such as per-and polyfluoroalkyl/perfluorooctane sulfonate(PFAS/PFOS),so-called“forever chemicals.”Global insurance markets:Financial and professional lines pricing declines7Financial and professional lines pric
20、ing decreased 6%in the quarter a decline from the second quarter increase of 21%.Pricing decreased by 9%for directors and officers(D&O)liability coverage for publicly traded companies,driven by new capacity and competition and following a 6%decline in the second quarter.Carriers were generally willi
21、ng to increase capacity on towers,eliminating the need to have as many insurers on a program.In August 2022,87%of renewals experienced a total program decrease.Carriers looked to relationships on other,more challenging coverages such as cyber and fiduciary liability as they sought to win layers on D
22、&O coverage.Fiduciary markets continued to be challenged by adverse judgements and ERISA 401k plan excessive fee litigation;insurers expressed concern regarding the products pricing unpredictability.Cyber insurance pricing increased 48%in the third quarter,compared to 79%in the prior quarter.The cyb
23、er insurance market experienced increased competition;more insurers increased capacity for insureds with strong cybersecurity controls.Increased competition is due to many factors,including:improved cybersecurity controls,the effect of retention level increases and rate adjustments in 2021,reduction
24、 in claims 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.Discussions continued in the industry and in government regarding systemic exposures and the correlated nature of cyber risk.Gl
25、obal insurance markets:Financial and professional lines pricing declines8Q3 18Q4 18Q1 19Source:Marsh Specialty and Global Placement06|UK composite insurance pricing changeQ2 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 212%2%Q3 198%11%19%20%22%18%14%7%UKGlobal3%6%Q2 2115%15%Q3 2113%Q4 2111%Q1 22Q2 229%6%Q3 22UK pr
26、icing:Financial and professional lines pricing flatInsurance pricing in the third quarter of 2022 in the UK increased 7%,compared to 11%in the second quarter(see Figures 6 and 7).Property insurance pricing increased 6%year-over-year,the same as in the second quarter.Property insurance pricing contin
27、ued to plateau,and was generally less volatile for clients.Property insurance pricing remained competitive for low-to medium-hazard industries,and more challenging for higher hazard industries or risks with major loss activity and/or a challenging occupancy or process,such as food production,warehou
28、sing,or waste recycling.Insurers focused on claims inflation trends by increasing pricing if exposure bases were not,in their view,appropriately assessed.As reinsurance treaty renewal season started,Hurricane Ian served underwriters in maintaining pricing discipline.Global insurance markets:Financia
29、l and professional lines pricing declines920%0%-1%3%UK Property4%6%8%10%16%24%18%-2%-3%-3%-1%4%3%5%5%6%6%UK Casualty7%7%7%7%23%28%46%64%67%90%UK FINPRO71%07|UK composite insurance pricing change by major coverage lineSource:Marsh Specialty and Global PlacementQ3 18Q4 18Q1 1915%Q2 19Q3 19Q4 19Q1 20Q2
30、 20Q3 20Q4 20Q1 2115%7%57%Q2 217%11%54%Q3 2110%4%43%Q4 21Q1 229%3%39%6%4%19%Q2 226%4%0%Q3 22Casualty insurance pricing increased 4%,the same as in the second quarter.Rates remained competitive for employers liability and public and product liability for clients considered to have attractive risks,de
31、spite inflationary pressure.Exclusionary language created challenges and was increasingly viewed as a competitive edge as clients chose an insurer.Capacity was stable with risk management key to achieving favorable terms.Inflation played a significant role in renewal discussions.Electric vehicles co
32、ntinued to affect the auto liability insurance market,with leading insurers saying that damage repair costs are approximately 25%higher for EVs than for cars with internal combustion engines.For example,in many cases battery packs need to be replaced following minor collisions.EV repair specialists
33、are currently in short supply;a limited number of garages have the knowledge and resources to carry out required repairs.Financial and professional lines pricing was flat in the third quarter compared to average increases of 19%in the second quarter.Some products experienced a decline in rate.D&O pr
34、icing typically declined in the 5%to 10%range,with substantial rate decreases for large,multinational clients.Global insurance markets:Financial and professional lines pricing declines10For financial institutions(FIs),while the average rate increased,some clients experienced reductions of 5%to 10%.C
35、rime insurance capacity remained limited following the markets abrupt contraction over the past two years,which saw many insurers withdraw altogether.Cyber insurance pricing increased 66%in the third quarter,continuing the moderation trend of the past several months,as losses continued to improve.Th
36、e market experienced continued pricing stabilization following a peak increase of 102%year-over-year in the first quarter of 2022.Strict requirements from insurers regarding key cybersecurity controls continued to positively change underwriters views on cyber hygiene at the majority of insureds comp
37、ared to 2021 and before.We are cautious regarding the improvement in cyber insurance market conditions as other factors could compound the risk.For example,the Russia-Ukraine conflict may have temporarily paused ransomware attacks by disrupting the many cyber hackers based in the region.Global insur
38、ance markets:Financial and professional lines pricing declines1111%14%15%13%15%Q3 18Q4 18Q1 19Source:Marsh Specialty and Global Placement08|Latin America composite insurance pricing changeQ2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 212%2%3%6%8%11%19%20%22%18%Latin AmericaGlobalQ2 21Q3 21Q4 21Q1 225%9%Q2 2
39、26%Q3 22Latin America and Caribbean pricing:Casualty pricing increases for second consecutive quarterInsurance pricing in the third quarter in the Latin America and Caribbean(LAC)region increased 5%,the same as in the prior quarter(see Figures 8 and 9).Property insurance pricing increased 5%,the sam
40、e as in the previous quarter and the sixteenth consecutive quarter of increase.Price increases continued across the region when facultative capacity was required,which is becoming common,particularly for countries with catastrophe(CAT)exposure.There were pockets of more challenging conditions across
41、 the region,with concern in Brazil that few markets would accept 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.Global
42、 insurance markets:Financial and professional lines pricing declines1215%0%0%0%LAC Property0%6%9%9%14%16%10%3%2%1%1%2%2%-4%-4%-4%LAC Casualty-5%2%7%2%1%15%15%8%17%26%22%LAC FINPRO17%09|Latin America composite insurance pricing change by major coverage lineSource:Marsh Specialty and Global PlacementQ
43、3 18Q4 18Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 214%Q2 216%-2%22%2%-3%17%Q3 217%-3%12%Q4 21Q1 228%0%11%4%5%Q2 226%Q3 225%6%6%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
44、of 2020.Non-complex programs and those with low limits experienced signs of increasing pricing and limited capacity.The local insurance market is beginning to reflect pricing in the facultative and international markets.Financial and professional lines pricing rose 6%,the same as in the prior quarte
45、r.Regional and local market underwriting appetite remained conservative.The overall trend was for moderation in the pace of price increases for financial and professional lines.New local and international capacity allowed for relatively easier placement for risks with high limits.Cyber insurance con
46、tinued to present challenges in pricing.Appetite and capacity from international markets increased for regional cyber risks mostly excess capacity.Global insurance markets:Financial and professional lines pricing declines136%9%11%13%15%15%Q3 18Q4 18Q1 19Source:Marsh Specialty and Global Placement10|
47、Continental Europe composite insurance pricing changeQ2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 212%2%8%11%19%20%22%18%14%Continental EuropeGlobal3%6%Q2 21Q3 21Q4 21Q1 226%Q2 22Q3 22Continental Europe pricing:Cyber insurance shows signs of stabilizingInsurance pricing in the third quarter of 2022 in Cont
48、inental Europe(CE)increased 6%,the same rate of increase as in the prior two quarters(see Figures 10 and 11).Property insurance pricing in CE rose 5%,compared to 6%in the second quarter.Insurer appetite increased as the overall rating environment improved.There was increased interest from insurers t
49、o offer long-term agreements.Conditions continued to depend on loss experience and risk quality.Specific industries and risks found it more challenging to find capacity due to more restrictive underwriting guidelines.Strict underwriting controls continued and insurers remained disciplined with respe
50、ct to capacity deployment and aggregation,especially for contingent business interruption extensions.Territorial exclusions continued for Ukraine,Belarus,and Russia.Global insurance markets:Financial and professional lines pricing declines1421%0%3%4%Cont.Europe Property4%8%10%9%20%19%16%-2%0%-1%0%1%
51、3%4%5%5%5%Cont.Europe Casualty6%-3%1%2%1%2%5%12%22%24%22%Cont.Europe FINPRO23%11|Continental Europe composite insurance pricing change by major coverage lineSource:Marsh Specialty and Global PlacementQ3 18Q4 18Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 2118%5%20%Q2 215%12%Q3 2114%7%10%Q4 2113%Q1 226
52、%6%9%Q2 226%7%5%Q3 227%5%6%Casualty insurance pricing increased 7%,the same as in the prior quarter and the thirteenth consecutive quarter of increases.There was a continued reduction in capacity from key primary insurers.Insurers increased pricing levels due to perceived inadequacy for risks with U
53、S exposure,or those in complex industries.Excess casualty and US-exposed placements continued to be challenging,with general liability risk experiencing double-digit increases in several countries.Some insurers reconsidered risk appetite,at times resulting in price increases or withdrawal of capacit
54、y,which particularly affected renewals with losses and in challenging sectors.Insurers concerns continued regarding social and general inflation on US auto exposures,with significant price increases typical for clients with large US auto fleets.Underwriter scrutiny continued for non-core extensions,
55、such as product recall and medical malpractice.Global insurance markets:Financial and professional lines pricing declines15Financial and professional lines pricing rose 6%in the third quarter.Stability continued for D&O liability pricing due to increased capacity and competition from insurers;pricin
56、g remained generally flat to low-single digit increases.Some primary insurers offered long-term agreements.Competition was seen across all program layers.Environmental,social,and governance(ESG)risk profiles continued to receive increased underwriter scrutiny.For FIs,rate increases continued to mode
57、rate,and some clients experienced moderate reductions.Crime renewal terms continued to stabilize.Cyber insurance pricing increased 40%,compared to 50%in the second quarter,as new capacity entered the market.Insurers continued to seek to increase retentions in many instances.Underwriters continued to
58、 require detailed information on cyber risk controls,particularly regarding ransomware.Insurer concerns continued around systemic exposures and accumulation risk.Global insurance markets:Financial and professional lines pricing declines166%9%13%11%15%Q3 18Q4 18Q1 1912|Pacific composite insurance pri
59、cing changeQ2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 212%2%3%6%8%11%19%20%22%18%14%PacificGlobalSource:Marsh Specialty and Global PlacementQ2 2115%Q3 21Q4 21Q1 225%Q2 22Q3 22Pacific pricing:D&O pricing declines for second consecutive quarterInsurance pricing in the Pacific region increased 5%,down from
60、7%in the prior quarter and the seventh consecutive quarterly reduction in rate increases(see Figures 12 and 13).Property insurance pricing increased 4%,down from 5%in the prior quarter.Severe flood events in Queensland and New South Wales earlier in the year with an estimated insured loss greater th
61、an$AUD6 billion has increased the focus on storm/flood risk mitigation,deductible adequacy,and sub-limits.Underwriters continued to focus on general CAT and secondary CAT perils.Commitment to continual risk improvement is critical to renewal success.Insurers also focused on current valuations suppor
62、ting declared values.Casualty insurance pricing rose 10%,down from 11%in the prior quarter.Insurers demonstrated continued caution due to claims inflation resulting from litigation trends,as well as inflation in material cost.Some major programs underwent substantial restructuring of layers as a res
63、ult of changing underwriter appetite.Global insurance markets:Financial and professional lines pricing declines1737%31%13%15%15%Pacific Property18%18%18%23%28%31%20%6%6%6%6%6%8%9%11%Pacific Casualty17%23%26%28%28%33%33%48%49%51%Pacific FINPRO48%13|Pacific composite insurance pricing change by major
64、coverage lineSource:Marsh Specialty and Global PlacementQ3 18Q4 18Q1 19Q2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 216%15%26%14%18%Q2 2115%11%25%Q3 2115%8%18%Q4 21Q1 228%15%10%11%5%6%Q2 224%10%4%Q3 22Financial and professional lines pricing rose 4%,a decrease from 6%in the prior quarter.D&O pricing contin
65、ued to decline;other financial and professional lines pricing increases continued to moderate.Competition continued to develop,particularly for excess layers,resulting in improved pricing.Cyber insurance remained challenging;however,it began to stabilize in the quarter as insurers sought to grow the
66、ir business in this area.Ransomware continued to dominate the claims environment.Global insurance markets:Financial and professional lines pricing declines186%9%11%13%15%15%Q3 18Q4 18Q1 1914|Asia composite insurance pricing changeQ2 19Q3 19Q4 19Q1 20Q2 20Q3 20Q4 20Q1 212%2%3%6%8%11%19%20%22%18%14%2%
67、AsiaGlobalSource:Marsh Specialty and Global PlacementQ2 21Q3 21Q4 21Q1 22Q2 22Q3 22Asia pricing:D&O pricing continues to moderateInsurance pricing in the third quarter of 2022 in Asia increased 2%,down from 3%in the prior two quarters(see Figures 14 and 15).Property insurance pricing rose 2%,the six
68、teenth consecutive quarter of increases,which peaked at 18%in the third quarter of 2020.Clients with challenging claims experience or those requiring support from facultative markets continued to see above average rate increases.Natural catastrophe capacity continued to drive pricing that was above
69、the average.Global inflation remained a concern for insurers,with continued focus on the appropriate declaration of declared values.The political violence(PV)market showed signs of contraction,with insurers carefully reviewing their aggregate exposures and pricing adequacy.Global insurance markets:F
70、inancial and professional lines pricing declines1924%18%0%1%1%Asia Property7%8%8%12%16%10%-1%-1%0%0%1%0%0%0%1%0%Asia Casualty1%-1%0%0%3%5%5%8%14%18%22%Asia FINPRO23%15|Asia composite insurance pricing change by major coverage lineSource:Marsh Specialty and Global PlacementQ3 18Q4 18Q1 19Q2 19Q3 19Q4
71、 19Q1 20Q2 20Q3 20Q4 20Q1 215%Q2 217%0%5%1%17%Q3 213%2%17%Q4 212%2%13%Q1 222%0%Q2 2213%2%0%5%Q3 22Casualty insurance pricing was flat for the second consecutive quarter.Renewal results favored clients with exemplary claims performance and strong risk management practices.Insurers continued to be sel
72、ective in deploying capacity on challenged industry segments,including product recall and product liability exposure in North America.Auto and workers compensation renewals experienced decreasing rates in a number of territories,while holding stable in others.Insurers placed more focus on reviewing
73、and updating policy wordings,ensuring the application of updated sanctions clauses and exclusions associated with PFAS,cyber,terrorism,punitive damages,and contractual liability.Insurers took a stronger position on their ESG requirements,with some reducing or withdrawing their support based on the s
74、trength of the clients commitment and practices.Financial and professional lines pricing increased 5%,down from 13%in the prior quarter.The pace of rate increases for D&O continued to moderate,with pricing in the range of 5%to 10%across Asia.Increases were typically higher for US listed/exposed busi
75、ness.Pricing began to moderate for FIs;for large/complex accounts pricing was nearly flat.Global insurance markets:Financial and professional lines pricing declines20 Professional indemnity(PI)insurers were keen to explore smaller organizations,with customized offerings at competitive rates.Some lar
76、ge and/or complex PI programs,especially from the communications,media and technology(CMT)sector,experienced average rate increases ranging from 5%to 10%,due to blended program structures with cyber coverages.Insurers demonstrated caution regarding digital-asset related companies due to systemic ris
77、ks resulting in volatility in asset pricing that can lead to sharp decreases in value,and potential liquidations.Cyber insurance remained challenging,with rate increases of 25%or more experienced by some clients.Concerns continued regarding claims,systemic risk,geopolitical tensions,and ransomware.A
78、s in other regions,there were signs in the quarter that the cyber insurance market is stabilizing.About MarshMarsh is the worlds leading insurance broker and risk advisor.With around 45,000 colleagues operating in 130 countries,Marsh serves commercial and individual clients with data-driven risk sol
79、utions and advisory services.Marsh is a business of Marsh McLennan(NYSE:MMC),the worlds leading professional services firm in the areas of risk,strategy and people.With annual revenue nearly$20 billion,Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four
80、 market-leading businesses:Marsh,Guy Carpenter,Mercer and Oliver Wyman.For more information,visit ,follow us on LinkedIn and Twitter or subscribe to BRINK.Marsh is a business of Marsh McLennan.This document and any recommendations,analysis,or advice provided by Marsh(collectively,the“Marsh Analysis”
81、)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 have no obligation to update the Marsh An
82、alysis and shall have no liability to you or any other party arising out of this publication or any matter contained herein.Any statements concerning actuarial,tax,accounting,or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon a
83、s actuarial,tax,accounting,or legal advice,for which you should consult your own professional advisors.Any modeling,analytics,or projections are subject to inherent uncertainty,and the Marsh Analysis could be materially affected if any underlying assumptions,conditions,information,or factors are ina
84、ccurate or incomplete or should change.Marsh makes no representation or warranty concerning the application of policy wording or the financial condition or solvency of insurers or reinsurers.Marsh makes no assurances regarding the availability,cost,or terms of insurance coverage.Although Marsh may p
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