Q3 2022 | Global Insurance Market Index

Global insurance markets Q3 2022: Financial and professional lines pricing declines

2 Global insurance markets: Financial and professional lines pricing declines Global commercial insurance pricing rose 6% in the third quarter of 2022, according to the Marsh Global Insurance Market Index. The pace of rate increase slowed for the seventh consecutive quarter; global composite increases peaked at 22% in the fourth quarter of 2020. 01| Global insurance composite pricing change The third quarter was the twentieth consecutive in 22% which composite pricing rose, continuing the longest run of increases since the inception of the index in 20% 2012. In the third quarter of 2022, composite pricing 19% 18% moderated in most regions, driven by the 昀椀rst decrease in 昀椀nancial and professional lines since the third quarter of 2017. 15% 15% Cyber insurance pricing increases again outpaced 14% other products; however, cyber insurance pricing 13% increases also moderated, to 48% in the US and 66% in the UK. 11% 11% Regionally, composite pricing increases for the third quarter were as follows (see Figure 2): 9% 8% • US: 5%. • UK: 7%. 6% 6% • Continental Europe: 6%. • Latin America and the Caribbean: 5%. • Asia: 2%. 3% • Paci昀椀c: 5%. 2% 2% Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Source: Marsh Specialty and Global Placement *Note: All references to pricing and pricing movements in this report are averages, unless otherwise noted. For ease of reporting, we have rounded all percentages regarding pricing movements to the nearest whole number.

3 Global insurance markets: Financial and professional lines pricing declines 02| Composite insurance pricing change — by region US UK Cont. Europe Latin America Asia Paci昀椀c 22% 20% 14% 13% 12% 11% 10% 9% 10% 7% 7% 5% 6% 6% 6% 6% 5% 5% 5% 4% 4% 3% 3% 2% Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Source: Marsh Specialty and Global Placement

4 Global insurance markets: Financial and professional lines pricing declines 03| Composite insurance pricing change — by major coverage line Global Property Global Casualty Global FINPRO Pricing in 昀椀nancial and professional lines decreased once cyber insurance rates were separated (see Figure 3). This is the 昀椀rst edition of our quarterly index that presents the cyber data separately from 昀椀nancial and professional lines data, giving a clearer picture of both. 31% • Property insurance: 6%. 26% • Casualty insurance: 4%. • Financial and professional lines insurance: -1%. 16% • Cyber insurance: 53%. 8% Please note that reported changes are averages and 7% 6% 6% 6% the data used to estimate them cover a wide range of 5% clients in terms of size, industry, location, claims history, 4% 4% and other parameters. Many clients experienced pricing changes that deviated from the average. -1% Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Q4 21 Q1 22 Q2 22 Q3 22 Source: Marsh Specialty and Global Placement

5 Global insurance markets: Financial and professional lines pricing declines US pricing: Property insurance rises at increased pace Insurance pricing in the third quarter of 2022 in the US increased by 5%, compared to 10% in the prior quarter (see Figures 4 and 5). Property insurance pricing increased 8% in the third quarter, up from 6% in the second; 04| US composite insurance pricing change this is the twentieth consecutive quarter in which pricing rose. US • Exposure growth, or total insured 22% values, increased by 8% in the quarter. Global 20% • The rate increases experienced by 19% 18% clients in the third quarter were driven by changes in the treaty and facultative reinsurance markets at mid-year. 15% 15% • Valuation was a focal point for property 14% 13% insurers on virtually every renewal, due 11% 11% largely to concerns about the current in昀氀ationary environment, supply chain 9% challenges, labor shortages, and loss 8% experience where adjusted loss amounts were well above the reported values. 6% 6% Casualty insurance pricing increased 3% compared to a rise of 6% in the prior 5% quarter; excluding workers’ compensation, 3% the increase was 5%. 2% 2% • Insurers carefully monitored areas including in昀氀ation, court systems reopening, increased numbers of vehicles on the road, and Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 recent hurricanes. Source: Marsh Specialty and Global Placement

6 Global insurance markets: Financial and professional lines pricing declines 05| US composite insurance pricing change — by major coverage line • The primary casualty market remained generally competitive; however, insurers continued to seek increases in some areas. 22% 24% • Casualty insurance pricing continued to be driven 18% 21% 19% by workers’ compensation, as well as a moderation 15% of increases for umbrella and excess liability, 13% which helped lower the average rate increases on 10% 9% 10% auto insurance. 7% 7% 8% • Incumbent insurers typically o昀昀ered terms aimed y 4% 4% 6% t 3% at keeping casualty clients from going to market r e at renewal. p o r • Excess liability rates increased 7%, compared to 16% in S P U 9% the second quarter as the market continued to bene昀椀t 8% 8% 7% 7% from new entrants and increased competition. 5% 6% 6% y 2% 2% 4% 4% 3% – Insurers continued to monitor for loss trends t l 1% moving higher as courts that were closed due to a u 0% COVID-19 continued to reopen and cases moved at as a faster pace through the system. C 34% US -1% – Underwriters expressed increased concern -2% 30% 28% 28% 28% regarding latency risks, such as per- and 23% 25% 25% 27% 21% poly昀氀uoroalkyl/per昀氀uorooctane sulfonate (PFAS/ 15% PFOS), so-called “forever chemicals.” 11% 7% O 2% 3% R 1% NP I F US -6% Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Source: Marsh Specialty and Global Placement

7 Global insurance markets: Financial and professional lines pricing declines Financial and professional lines pricing decreased 6% in the quarter — a decline from the Cyber insurance pricing increased 48% in the third quarter, compared to 79% in the second quarter increase of 21%. prior quarter. • Pricing decreased by 9% for directors and o昀케cers (D&O) liability coverage for publicly • The cyber insurance market experienced increased competition; more insurers increased traded companies, driven by new capacity and competition and following a 6% decline in capacity for insureds with strong cybersecurity controls. the second quarter. • Increased competition is due to many factors, including: improved cybersecurity controls, – Carriers were generally willing to increase capacity on towers, eliminating the need to the e昀昀ect of retention level increases and rate adjustments in 2021, reduction in claims have as many insurers on a program. frequency over the past six months despite no change in severity, according to many – In August 2022, 87% of renewals experienced a total program decrease. insurers, and higher interest rates leading to insurers seeking top line growth. – Carriers looked to relationships on other, more challenging coverages — such as cyber • Discussions continued in the industry and in government regarding systemic exposures and the correlated nature of cyber risk. and 昀椀duciary liability — as they sought to win layers on D&O coverage. • Fiduciary markets continued to be challenged by adverse judgements and ERISA 401k plan excessive fee litigation; insurers expressed concern regarding the product’s pricing unpredictability.

8 Global insurance markets: Financial and professional lines pricing declines UK pricing: Financial and professional lines pricing 昀氀at Insurance pricing in the third quarter of 2022 in the UK increased 7%, compared to 11% in the second quarter (see Figures 6 and 7). 06| UK composite insurance pricing change Property insurance pricing increased 6% year-over-year, the same as in the UK second quarter. Global 22% • Property insurance pricing continued 20% to plateau, and was generally less 19% 18% volatile for clients. – Property insurance pricing remained competitive for low- to 15% 15% medium-hazard industries, and 14% 13% more challenging for higher 11% hazard industries or risks 11% with major loss activity and/ 9% or a challenging occupancy or 8% process, such as food production, warehousing, or waste recycling. 7% • Insurers focused on claims in昀氀ation 6% 6% trends by increasing pricing if exposure bases were not, in their 3% view, appropriately assessed. 2% 2% • As reinsurance treaty renewal season started, Hurricane Ian served underwriters in maintaining pricing discipline. Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Source: Marsh Specialty and Global Placement

9 Global insurance markets: Financial and professional lines pricing declines 07| UK composite insurance pricing change — by major coverage line Casualty insurance pricing increased 4%, the same as in the second quarter. 24% • Rates remained competitive for employers’ liability and 20% public and product liability for clients considered to have 18% attractive risks, despite in昀氀ationary pressure. 16% 15% – Exclusionary language created challenges and was 11% increasingly viewed as a competitive edge as clients 8% 10% 10% 9% chose an insurer. y 6% 6% 6% – Capacity was stable with risk management key to t 3% 4% achieving favorable terms. r e 0% p • In昀氀ation played a signi昀椀cant role in renewal discussions. o r P -1% • Electric vehicles continued to a昀昀ect the auto liability UK insurance market, with leading insurers saying that y 6% 6% 7% 7% 7% damage repair costs are approximately 25% higher for lt 4% 5% 5% 4% 4% 4% EVs than for cars with internal combustion engines. a 3% 3% u – For example, in many cases battery packs need to be s Ca -2% -1% replaced following minor collisions. K -3% -3% U 90% – EV repair specialists are currently in short supply; a limited number of garages have the knowledge and resources to carry out required repairs. 67% 71% Financial and professional lines pricing was 昀氀at in the third 64% 57% quarter compared to average increases of 19% in the second 46% 54% quarter. Some products experienced a decline in rate. 43% 39% 28% • D&O pricing typically declined in the 5% to 10% 23% 19% range, with substantial rate decreases for large, 15% multinational clients. O 7% 7% 7% R P N 0% I K F U Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Source: Marsh Specialty and Global Placement

10 Global insurance markets: Financial and professional lines pricing declines For 昀椀nancial institutions (FIs), while the average rate increased, some clients experienced • Strict requirements from insurers regarding key cybersecurity controls continued to reductions of 5% to 10%. positively change underwriters’ views on cyber hygiene at the majority of insureds • Crime insurance capacity remained limited following the market’s abrupt contraction compared to 2021 and before. over the past two years, which saw many insurers withdraw altogether. • We are cautious regarding the improvement in cyber insurance market conditions as Cyber insurance pricing increased 66% in the third quarter, continuing the moderation trend other factors could compound the risk. For example, the Russia-Ukraine con昀氀ict may of the past several months, as losses continued to improve. have temporarily paused ransomware attacks by disrupting the many cyber hackers based in the region. • The market experienced continued pricing stabilization following a peak increase of 102% year-over-year in the 昀椀rst quarter of 2022.

11 Global insurance markets: Financial and professional lines pricing declines Latin America and Caribbean pricing: Casualty pricing increases for second consecutive quarter Insurance pricing in the 08| Latin America composite insurance pricing change third quarter in the Latin Latin America America and Caribbean (LAC) region increased 5%, Global 22% the same as in the prior 19% 20% quarter (see Figures 8 18% and 9). 15% 15% Property insurance pricing increased 5%, 14% 13% the same as in the previous quarter and the 11% 11% sixteenth consecutive quarter of increase. 9% • Price increases continued across the region 8% when facultative capacity was required, which is becoming common, particularly for countries with catastrophe (CAT) exposure. 6% 6% • There were pockets of more challenging 5% conditions across the region, with concern 3% in Brazil that few markets would accept 2% 2% complex risks as insurers focused on year- end results. • There was limited regional capacity for strikes, riots, and civil commotion (SRCC) Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 and sabotage and terrorism (S&T) coverage, Source: Marsh Specialty and Global Placement mainly due to political uncertainty in Chile and Mexico.

12 Global insurance markets: Financial and professional lines pricing declines 09| Latin America composite insurance pricing change — by major coverage line Casualty insurance pricing increased 6% in the third quarter, compared to 4% in the prior quarter. • The two consecutive quarters of increase were the 16% 昀椀rst since the beginning of 2020. 15% • Non-complex programs and those with low limits 14% 10% experienced signs of increasing pricing and 9% 9% 7% 8% limited capacity. y 6% 6% 5% 5% • The local insurance market is beginning to re昀氀ect t r 2% pricing in the facultative and international markets. e 0% 0% 0% 0% p o Financial and professional lines pricing rose 6%, the r C P same as in the prior quarter. A L • Regional and local market underwriting appetite remained conservative. 4% 4% 6% • The overall trend was for moderation in the pace of y 3% price increases for 昀椀nancial and professional lines. lt 2% 2% 2% a 1% 1% • New local and international capacity allowed for u 0% s relatively easier placement for risks with high limits. Ca C -2% Cyber insurance continued to present challenges A L -3% -3% in pricing. -4% -4% -4% -5% • Appetite and capacity from international markets 26% increased for regional cyber risks — mostly 22% 22% excess capacity. 17% 17% 17% 15% 15% 12% 11% 7% 8% O 6% 6% R 2% 2% P 1% N I C F A L Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Source: Marsh Specialty and Global Placement

13 Global insurance markets: Financial and professional lines pricing declines Continental Europe pricing: Cyber insurance shows signs of stabilizing Insurance pricing in the third quarter of 2022 in Continental Europe (CE) increased 6%, the same rate of increase as in the prior two quarters (see Figures 10 and 11). 10| Continental Europe composite insurance pricing change Property insurance pricing in CE rose 5%, compared to 6% in the second quarter. Continental Europe 22% • Insurer appetite increased as the overall 19% 20% rating environment improved. Global 18% • There was increased interest from insurers to o昀昀er long-term agreements. 15% 15% • Conditions continued to depend on loss 14% 13% experience and risk quality. 11% 11% – Speci昀椀c industries and risks found it more challenging to 昀椀nd 9% capacity due to more restrictive 8% underwriting guidelines. • Strict underwriting controls continued 6% 6% 6% and insurers remained disciplined with respect to capacity deployment and aggregation, especially for contingent 3% business interruption extensions. 2% 2% • Territorial exclusions continued for Ukraine, Belarus, and Russia. Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Source: Marsh Specialty and Global Placement

14 Global insurance markets: Financial and professional lines pricing declines 11| Continental Europe composite insurance pricing change — by major coverage line Casualty insurance pricing increased 7%, the same as in the prior quarter and the thirteenth 20% 21% consecutive quarter of increases. 19% 18% 16% • There was a continued reduction in capacity 12% from key primary insurers. y 10% 9% 10% • Insurers increased pricing levels due to t 8% r 6% 6% perceived inadequacy for risks with US exposure, e 5% or those in complex industries. op 4% 4% r 3% P • Excess casualty and US-exposed placements e op 0% continued to be challenging, with general liability r u risk experiencing double-digit increases in E . several countries. t on • Some insurers reconsidered risk appetite, at C 7% 7% 7% y 5% 5% 5% 6% 5% 5% 6% times resulting in price increases or withdrawal t 4% l 3% of capacity, which particularly a昀昀ected renewals a with losses and in challenging sectors. u s 1% a 0% -1% 0% • Insurers’ concerns continued regarding social e C p o -2% and general in昀氀ation on US auto exposures, with r u signi昀椀cant price increases typical for clients with . E t large US auto 昀氀eets. n 24% 23% o 22% 22% 20% • Underwriter scrutiny continued for non- C core extensions, such as product recall and 14% medical malpractice. 12% 13% 9% O 5% 5% 6% R P IN 2% 2% F 1% 1% e op r u E . t -3% on C Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Source: Marsh Specialty and Global Placement

15 Global insurance markets: Financial and professional lines pricing declines Financial and professional lines pricing rose 6% in the third quarter. Stability continued Cyber insurance pricing increased 40%, compared to 50% in the second quarter, as new for D&O liability pricing due to increased capacity and competition from insurers; pricing capacity entered the market. remained generally 昀氀at to low-single digit increases. – Insurers continued to seek to increase retentions in many instances. – Some primary insurers o昀昀ered long-term agreements. – Underwriters continued to require detailed information on cyber risk controls, – Competition was seen across all program layers. particularly regarding ransomware. – Environmental, social, and governance (ESG) risk pro昀椀les continued to receive increased – Insurer concerns continued around systemic exposures and accumulation risk. underwriter scrutiny. • For FIs, rate increases continued to moderate, and some clients experienced moderate reductions. • Crime renewal terms continued to stabilize.

16 Global insurance markets: Financial and professional lines pricing declines Paci昀椀c pricing: D&O pricing declines for second consecutive quarter Insurance pricing in the Paci昀椀c region increased 5%, down from 7% in the prior quarter and the seventh consecutive quarterly reduction in rate increases (see Figures 12 and 13). 12| Paci昀椀c composite insurance pricing change Property insurance pricing increased 4%, down from 5% in the prior quarter. Paci昀椀c • Severe 昀氀ood events in Queensland and Global New South Wales earlier in the year — with 22% an estimated insured loss greater than 19% 20% $AUD6 billion — has increased the focus 18% on storm/昀氀ood risk mitigation, deductible adequacy, and sub-limits. 15% 15% • Underwriters continued to focus on general 14% 13% CAT and secondary CAT perils. 11% 11% • Commitment to continual risk improvement is critical to renewal success. Insurers also focused on current valuations supporting 9% declared values. 8% Casualty insurance pricing rose 10%, down 6% 6% from 11% in the prior quarter. 5% • Insurers demonstrated continued caution due to claims in昀氀ation resulting from 3% 2% 2% litigation trends, as well as in昀氀ation in material cost. • Some major programs underwent substantial restructuring of layers as a Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 result of changing underwriter appetite. Source: Marsh Specialty and Global Placement

17 Global insurance markets: Financial and professional lines pricing declines 13| Paci昀椀c composite insurance pricing change — by major coverage line Financial and professional lines pricing rose 4%, a decrease from 6% in the prior quarter. • D&O pricing continued to decline; other 昀椀nancial 31% 31% and professional lines pricing increases continued 28% to moderate. 23% • Competition continued to develop, particularly for 18% 18% 18% 20% excess layers, resulting in improved pricing. 13% 15% 15% 14% Cyber insurance remained challenging; however, it y 11% 8% 8% began to stabilize in the quarter as insurers sought to t 5% grow their business in this area. r 4% e p ro – Ransomware continued to dominate the P 18% claims environment. ic 17% f i 15% 15% 15% 15% c a 11% 11% P 9% 8% 10% y 6% 6% 6% 6% 6% 6% lt a u s Ca c i f 51% i c a 49% P 48% 48% 37% 33% 33% 28% 28% 23% 26% 26% 25% 18% 10% 6% RO 4% P N I F ic f i Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 c a P Source: Marsh Specialty and Global Placement

18 Global insurance markets: Financial and professional lines pricing declines Asia pricing: D&O pricing continues to moderate 14| Asia composite insurance pricing change Insurance pricing in the third quarter of 2022 in Asia increased 2%, down Asia from 3% in the prior two Global 22% quarters (see Figures 14 19% 20% and 15). 18% Property insurance pricing rose 2%, the sixteenth consecutive quarter of increases, 15% 15% which peaked at 18% in the third quarter 14% 13% of 2020. 11% 11% • Clients with challenging claims experience or those requiring support 9% from facultative markets continued to 8% see above average rate increases. 6% 6% • Natural catastrophe capacity continued to drive pricing that was above the average. 3% • Global in昀氀ation remained a concern 2% 2% 2% for insurers, with continued focus on the appropriate declaration of declared values. • The political violence (PV) market showed signs of contraction, Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 with insurers carefully reviewing Source: Marsh Specialty and Global Placement their aggregate exposures and pricing adequacy.

19 Global insurance markets: Financial and professional lines pricing declines 15| Asia composite insurance pricing change — by major coverage line Casualty insurance pricing was 昀氀at for the second consecutive quarter. 18% 16% • Renewal results favored clients with exemplary claims 12% performance and strong risk management practices. 10% • Insurers continued to be selective in deploying capacity 7% 8% 8% 7% on challenged industry segments, including product 5% 5% recall and product liability exposure in North America. y 3% 2% 2% 2% t r 1% 1% • Auto and workers’ compensation renewals experienced e p 0% decreasing rates in a number of territories, while o Pr holding stable in others. a si • Insurers placed more focus on reviewing and updating A policy wordings, ensuring the application of updated y 2% 2% sanctions clauses and exclusions associated with PFAS, lt 1% 1% 1% 1% cyber, terrorism, punitive damages, and contractual a u 0% 0% 0% 0% 0% 0% 0% 0% 0% s liability. Ca • Insurers took a stronger position on their ESG a -1% -1% i s requirements, with some reducing or withdrawing A 23% 24% their support based on the strength of the client’s 22% commitment and practices. 18% 17% 17% Financial and professional lines pricing increased 5%, 14% down from 13% in the prior quarter. 13% 13% 8% • The pace of rate increases for D&O continued to 5% 5% 5% moderate, with pricing in the range of 5% to 10% O 3% across Asia. R P N 0% 0% – Increases were typically higher for US listed/ I a F exposed business. i s -1% A • Pricing began to moderate for FIs; for large/complex Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 accounts pricing was nearly 昀氀at. Source: Marsh Specialty and Global Placement

20 Global insurance markets: Financial and professional lines pricing declines • Professional indemnity (PI) insurers were keen to explore smaller organizations, with Cyber insurance remained challenging, with rate increases of 25% or more experienced by customized o昀昀erings at competitive rates. some clients. – Some large and/or complex PI programs, especially from the communications, media • Concerns continued regarding claims, systemic risk, geopolitical tensions, and and technology (CMT) sector, experienced average rate increases ranging from 5% to ransomware. 10%, due to blended program structures with cyber coverages. • As in other regions, there were signs in the quarter that the cyber insurance market is • Insurers demonstrated caution regarding digital-asset related companies due to systemic stabilizing. risks resulting in volatility in asset pricing that can lead to sharp decreases in value, and potential liquidations.

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