Global commercial insurance pricing rose 3% in the second quarter of 2023, down from 4% in Q1, according to Marsh, which pointed to two notable trends during Q2: a moderation in cyber rates and continuing challenges in property insurance, which saw the largest increases of any major product line.
This was the 23rd consecutive quarter in which composite pricing rose, continuing the longest run of increases since the inception of the index in 2012, commented the Marsh Global Insurance Market Index, noting that price hikes peaked at 22% in the fourth quarter of 2020.
