istock-520179774-3
17 May 2019 Insurance

Global commercial insurance rates enjoy biggest hike since 2012: Marsh

Average commercial insurance prices globally enjoyed their biggest increase since 2012 in the first quarter of 2019, according to Marsh’s Global Insurance Market Index.

The increase in rates in the first quarter also represented the sixth consecutive quarter of average commercial insurance pricing increases.

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

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

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

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.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Third Point Re outlook changed to 'negative' by AM Best over profitability concerns and CEO's departure

The Hartford gets regulatory nod for Navigators acquisition; set to close in weeks

Deutsche Rück’s profits rise but GWP shrink in 2018

Aon shakes up global reinsurance clients management team

DataCubes partners with workers’ comp MGA Synergy

Join us at Intelligent Automation & AI in Insurance - 21st May: London

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk