Global property rates firming, says Marsh

Worldwide property insurance rates have continued to firm in the first quarter of 2012, according to a report by broker Marsh.

The report notes that this firming comes despite there being no significant natural catastrophes during the first quarter.

“The global commercial property insurance market is continuing to show signs of upwards rate trends, especially for catastrophe-exposed risks,” said Dean Klisura, US risk practices leader at Marsh.

“In the US, the property market continues to be in a state of transition with insureds more likely to experience rate increases than those renewing with flat or modest rate decreases. We believe that this trend will continue in the short term, with the average rate of increase continuing to rise month over month.”