Global commercial insurance pricing up 6pc in Q2

Global commercial insurance pricing increased 6% in the second quarter of this year in the seventh consecutive quarter of pricing increases. This is according to Marsh’s ‘Global Insurance Market Index’, released this week. This increase also represents the largest increase since the index was launched in 2012.

Commenting on the findings, Dean Klisura, president of global placement at Marsh, said: “Global insurance pricing increased 6% in Q2 2019, double the rate observed in Q1. Although global pricing has now increased every quarter for nearly two years, market capacity remains stable in most products and geographies.”

The index also suggests that, globally, on average, pricing for property risks increased 8%; financial and professional lines rose almost 10%; and casualty increased nearly 1%. In general, pricing increases were more pronounced in large accounts, particularly in property and directors and officers liability (D&O).

Composite pricing in the second quarter increased in all geographic regions for the third consecutive quarter, largely driven by rates in property and D&O coverages.

The US, UK, and Asia all reported average pricing increases of 3% or higher. The Pacific region had the largest composite pricing increase in the index (18%), a quarterly trend that has continued for two years. Pacific composite pricing was driven by increases in D&O rates (many organisations experienced high double-digit increases), as well as increases in both CAT and non-CAT property.

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