4 Global commercial insurance U.S. composite insurance pricing change prices rose 4% in the fourth quarter of 2022—the twenty- 昀椀rst consecutive quarter of price increases tracked in the Marsh Global Insurance Market Index. Increases peaked two years ago in Q4 2020 at 22%. This was largely driven by lower rate increases for both cyber and executive and professional liability lines of coverage. Property insurance pricing increased 11% in the fourth quarter, up from 8% in the previous quarter. Casualty saw a 1% increase compared with 3% in the third quarter of 2022. Unlike the other lines, 昀椀nancial and professional lines saw a 10% decrease in pricing in the U.S. in the fourth quarter. Global composite insurance pricing change by major coverage line Cyber rate increases have moderated. However, they Global Property Global Casualty Global Financial and Professional Lines continue to outpace other coverage lines. 26% 16% 7% 6% 6% 7% 6% 4% 4% 3% -1% -6% Q1 22 Q2 22 Q3 22 Q4 22 Q1 22 Q2 22 Q3 22 Q4 22 Q1 22 Q2 22 Q3 22 Q4 22 Source: Marsh Specialty and Global Placement