Global insurance prices continue to rise
Written by staff reporter
Insurance prices around the world have seen a further rise in the first quarter of 2019 according to the latest Global Insurance Market Index from Marsh.
Average commercial insurance prices increased 3% in Q1 2019, the largest increase since the survey began in 2012. The Q1 2019 figure also reveals a broader pattern since it represents the sixth consecutive quarter of average commercial insurance pricing increases.
The Index also showed that composite pricing in Q1 increased throughout all global regions for the second consecutive quarter, driven by rate change in property and directors and officers coverages.
Regionally, the Pacific had the largest price increases in the index of over 10%, a trend that has continued now for eight quarters. The UK and Continental Europe both reported average price increases of 2% or higher.
Global property risk pricing 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.
Dean Klisura, president of 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.”