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.