Global News: Marsh Report Suggests Commercial Rates Are On The Up

Marsh has released its Global Insurance Market Index for the first quarter of 2019. Key findings include:

·         Average commercial insurance prices increased 3% in Q1 2019, the largest increase since the survey began in 2012.

·         Q1 2019 represents the sixth consecutive quarter of average commercial insurance pricing increases.

·         Composite pricing in Q1 increased in all global regions for the second consecutive quarter, driven by rate change in property and directors and officers (D&O) coverages.

·         Regionally, Pacific had the largest price increases in the index (>10%), a trend that has continued for eight quarters. The UK and Continental Europe both reported average price increases of 2% or higher.

·         Globally, pricing for property risks increased by almost 5% on average, slightly above the rates recorded in the previous four quarters. Casualty prices declined nearly 1% on average, continuing a trend started in 2013.

·         Average pricing in financial and professional lines increased by almost 6%. All global regions experienced a rise, primarily driven by increases in D&O insurance.

Commenting on the findings, Dean Klisura, President, Global Placement at Marsh, said: “While 3% is the largest average increase in insurance pricing we have seen since the index began in 2012, market capacity remains strong in most products and geographies.”

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