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U.S. commercial insurance pricing increased by 4% in the first quarter, compared with a 3% increase in the fourth quarter of 2022 and matching the global rate of increase, according to a report Thursday from Marsh LLC.
U.S. property insurance pricing increased by 17% in the first quarter, up from 11% in the fourth quarter and 7% a year earlier. It was the 22nd consecutive quarter in which pricing rose, the report said.
Casualty insurance pricing rose 2% compared with 1% in the fourth quarter and 4% in the year-earlier period.
Financial and professional lines pricing declined 9%, compared with a 10% decline in the fourth quarter and a 28% increase in last year’s first quarter.
Insurers continued to express concern about inflation and valuations as total insured values increased by 9% on average in the quarter, the report said. They also continued to restrict coverage terms for some clients.
“Insurers demonstrated rigor regarding terms and conditions, including catastrophe deductibles, non-physical damage, cyber, communicable disease exclusions and time element extensions,” the report said.
Cyber insurance pricing increases continued to moderate significantly, falling to 11% in the first quarter, compared with 28% in the previous quarter, as new market entrants increased capacity. Increased competition, improved cybersecurity controls and a reduction in ransomware attacks in 2022 were key factors behind the continued improvement in pricing, the report said.
Globally, commercial insurance prices were up 4% in the first quarter, matching the increase in the fourth quarter but less than half the 11% of first-quarter 2022. U.K prices were up 3%, compared with 4% in the previous quarter. Continental Europe saw a 5% increase, compared with 6% in the fourth quarter.
Latin America was up 8%, compared with 7% in the previous quarter. Asia was up 1%, compared with 2%, and the Pacific region was up 7%, compared with 5%.