Global average commercial insurance prices increased 14% in Q1 2020, representing the largest increase since the index was launched in 2012 -- despite the minimal impact of the COVID-19 global pandemic on pricing.
This is according to the Marsh Global Insurance Market Index, which shows that the US (14%), UK (21%), and Pacific (23%) regions all experienced double-digit pricing increases -- driven largely by increases in property, financial and professional lines -- and D&O in particular. In the US, for example, pricing in the D&O market was up 44%.
During the tenth consecutive quarter of average price increases, pricing for property risks increased 15%; financial and professional lines rose nearly 26%; and casualty increased 5%.
Commenting on the findings, Dean Klisura, President, Global Placement and Advisory Services at Marsh, said: “Pricing was trending higher in the first quarter, prior to any meaningful impact from losses associated with COVID-19. However, COVID-19 will likely have an impact on pricing for the balance of 2020.”
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