I have the same issue
Installing product I:\exchangeserver.msi failed. Fatal error during installation. Error code is 1603. Last error reported by the MSI package is 'The installer has insufficient privileges to access this directory: C:\Program Files\Microsoft\Exchange Server\V15\FrontEnd\HttpProxy\owa\auth\15.1.2242. The installation cannot continue. Log on as administrator or contact your system administrator.'.
Installing product I:\exchangeserver.msi failed. Fatal error during installation. Error code is 1603. Last error reported by the MSI package is 'The Installer has insufficient privileges to modify this file: C:\Program Files\Microsoft\Exchange Server\V15\FrontEnd\HttpProxy\ecp\auth\TimeoutLogout.aspx.'.
I tried to modify the permission and added the right permission but still issue persist.
Error:
Installing product ExchangeServer2016-x64-CU20\exchangeserver.msi failed. Fatal error during installation. Error code is 1603.