Global commercial insurance prices rose by 9% in the second quarter of 2022, according to a report Monday from Marsh LLC.

The pace of rate increases, however, slowed for the sixth consecutive quarter. Global composite increases peaked at 22% in the fourth quarter of 2020, data showed.

Second-quarter 2022 was the 19th consecutive in which composite pricing rose, the longest run of increases since the inception of the index in 2012.

Cyber insurance pricing continued to rise substantially, although the pace of increase slowed in the quarter, to 79% in the U.S. and 68% in the U.K., compared with 110% and 102%, respectively, in the prior quarter. A slower pace of increase in financial and professional lines contributed to a moderation of pricing in most geographies during second-quarter 2022.

Regionally, the U.K. saw the largest composite pricing increases for the second quarter at 11%, followed by the U.S. at 10%; Pacific at 7%; Continental Europe at 6%; Latin America and the Caribbean at 5%; and Asia at 3%.

Among lines, pricing in financial and professional lines had the highest pricing rate increase across the major insurance products globally, 16%, driven mainly by cyber. In the U.S., for example, excluding the impact of cyber, financial and professional lines pricing decreased in the low-single digits in the second quarter.

Property insurance and casualty insurance both rose an average of 6%, the report showed.

Although property insurance pricing rates increased just 6% in the second quarter, continuing a decline in the pace of increases seen for the last several quarters, “rate increases may accelerate in future quarters, driven by challenging conditions in the reinsurance market and reduced capacity,” Marsh said.

In property lines, valuation has become a focal point for property insurers, driven by concerns about inflation, supply chains and labor shortages, as well as loss experience in cases where adjusted loss amounts were well above reported values.

Casualty insurance pricing increased 6%, but excess liability pricing increased 16%, compared with 10% in the first quarter, as insurers continued to watch loss trends as the impact of courts being closed during earlier stages of the pandemic subsides.

“At a time of global business uncertainty, driven by the ongoing war in Ukraine, supply chain disruption and rising inflation, trading conditions remain tough for many clients. We are also seeing the impact of rising inflation on insured values and exposure growth, which has the potential to impact pricing and insurer appetite,” Lucy Clarke, president of Marsh specialty and global placement, said in a statement with the report.