Renewal rates fall for 17th consecutive quarter
Written by staff reporter
Global insurance renewal rates fell for the 17th consecutive quarter in the second quarter of 2017, according to figures from Marsh.
Rate decreases moderated globally in the second quarter of 2017 across property and financial and professional lines. Meanwhile, global property rates declined on average by 2.8% in the second quarter compared to a decrease of 3.6% in the first quarter, while financial and professional lines declined by 2.1%, compared to 2.6% in the previous quarter.
The decline in global casualty business was slightly higher (1.7%) than the first quarter (0.6%), largely driven by stronger declines in US casualty pricing.