Global Insurance Market Index - 2019 Q3
Global commercial insurance pricing increased for the eighth consecutive quarter in the third quarter of 2019, 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 nearly 90% of Marsh's premium.
- 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%.
- Composite pricing in the third quarter increased in all geographic regions for the fourth consecutive quarter, largely driven by rates in directors and officers (D&O) coverage and property.
The Pacific region had the largest composite pricing increase in the index (19%), a quarterly trend that has continued for almost three years. In comparison, the US, UK, and Asia all reported average pricing increases of 5% or higher.
Pacific composite pricing was driven by increases in D&O rates, as well as increases in property rates. Financial and professional liability pricing rose 25% in the third quarter in the Pacific, marking nine straight quarters of double-digit increases. Property insurance pricing increased 18% in the third quarter, the seventh consecutive quarter of year-over-year double-digit increases. Casualty pricing increased 6%, a trend that has continued for the last three years.
LCPA No 19/222
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