Global commercial insurance pricing up 8% in Q3: Marsh

Marsh’s Q3 global insurance market index shows that commercial insurance pricing increased for the eighth consecutive quarter.

The index offers a proprietary measure of global commercial insurance premium pricing change at renewal. Average commercial insurance pricing increased 8% in the third quarter of 2019, the largest increase since the survey began in 2012, and the eighth consecutive quarter of average price increases.

Globally, on average, pricing for property risks increased by 10%; financial and professional lines rose by nearly 14%; and casualty increased by 1%. Marsh adds that composite pricing in the third quarter increased in all geographic regions for the fourth consecutive quarter, largely driven by rates in directors and officers coverage and property.

The Pacific region had the largest composite pricing increase in the index at 19%, a quarterly trend that has continued for almost three years. Pacific composite pricing was driven by increases in D&O rates, as well as increases in property rates. The US, UK, and Asia all reported average pricing increases of 5% or higher.

Source: Reinsurance News