Commercial Insurance Pricing Continues Increasing in Second Quarter 2018
Global commercial insurance pricing increased for the third consecutive quarter in the second quarter of 2018, according to Marsh's quarterly Global Insurance Market Index, a proprietary measure of global commercial insurance premium pricing change at renewal, representing the world's major insurance markets and comprising 90% of Marsh's premium.
- The increase was largely driven by insurance pricing for property lines, which continued to be affected by 2017 catastrophe losses, and by increases in financial and professional lines.
- Prices trended up in most regions with Australia averaging the largest increase, while prices decreased slightly in Continental Europe and Asia.
- Overall, the market remained stable with second quarter price changes within a relatively narrow range across most product lines and geographies.
Locally, the Australian property market has continued its 18 month rise, albeit from a relatively low base. The listed company D&O market remains in a state of flux with severe capacity constraints and premium increases.