Pacific insurance rates up 5% in fourth quarter: Marsh

According to Marsh LLC's Global Insurance Market Index report, commercial insurance pricing in the Pacific region increased by 5% in the fourth quarter of 2022, compared to the same period in 2021, Asia Insurance Review reported. Property insurance rates grew by 4%, while cyber rates saw a 28% increase. Moreover, commercial insurance pricing rose 6% in Europe and 4% in the U.K.