Global Insurance Market Quarterly Briefing: February 2014
Global rates moderated outside the US in the fourth quarter of 2013, and casualty joined the decline.
The absence of major insured losses combined with strong capital and high levels of capacity among insurers kept global property rates largely stable or decreasing slightly in the fourth quarter of 2013.
Global insurance rates, as tracked by the Marsh Risk Management Global Insurance Index, continued their downward trend in the fourth quarter of 2013. Among the major regions tracked, the US was the exception to the global trend, as the composite index there showed a modest increase for the eighth consecutive quarter.
According to the report:
- Globally, property insurance rates fell; in the US property rates were generally stable, although some clients with catastrophe-exposed risks or recent losses saw increases.
- For the first time since the third quarter of 2011, global casualty programs renewed with a slight decrease.
- Rates for financial and professional lines of insurance declined overall in Asia-Pacific, the UK, and Continental Europe, while remaining stable in Latin America.
- Global aviation insurance rates fell significantly, with most airlines experiencing decreases of between 15% and 20%.
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