Global Commercial Insurance Prices Up 3% in Q1 2019
New York, NY | May 16, 2019
Sixth Consecutive Quarter of Price Increases
Today Marsh released its Global Insurance Market Index for the first quarter of 2019. Key findings include:
- Average commercial insurance prices increased 3% in Q1 2019, the largest increase since the survey began in 2012.
- Q1 2019 represents the sixth consecutive quarter of average commercial insurance pricing increases.
- Composite pricing in Q1 increased in all global regions for the second consecutive quarter, driven by rate change in property and directors and officers (D&O) coverages.
- Regionally, Pacific had the largest price increases in the index (>10%), a trend that has continued for eight quarters. The UK and Continental Europe both reported average price increases of 2% or higher.
- Globally, pricing for property risks increased by almost 5% on average, slightly above the rates recorded in the previous four quarters. Casualty prices declined nearly 1% on average, continuing a trend started in 2013.
- Average pricing in financial and professional lines increased by almost 6%. All global regions experienced a rise, primarily driven by increases in D&O insurance.
Commenting on the findings, Dean Klisura, President, Global Placement at Marsh, said: “While 3% is the largest average increase in insurance pricing we have seen since the index began in 2012, market capacity remains strong in most products and geographies.”
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.