Pacific region insurance rate hikes slow down to 5%

A report by insurance broker Marsh LLC said that the Pacific region, including Australia, saw a 5% increase in insurance rates in the third quarter of the year, a slowdown from the 7% pricing hike in the previous quarter, Asia Insurance Review reported. Pricing hikes ebbed across property insurance and financial and professional lines. Despite challenges in the cyber insurance space, the segment showed signs of stabilization.