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RESEARCH AND BRIEFINGS

Global Insurance Market Index - 2020 Q2

 


Global Commercial Insurance Pricing Increased 19% in Second Quarter

Global commercial insurance pricing increased for the eleventh consecutive quarter in the second quarter of 2020, 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. The increase, the largest since the index was launched in 2012, follows year-over-year average increases of 14% in the first quarter and 11% in the fourth quarter of 2019.

As with the first quarter, average price increases were driven principally by increases in property insurance rates and financial and professional lines.

  • Global property insurance was up 19% and global financial and professional lines were up 37%, while global casualty pricing was up 7% on average.
  • Composite pricing in the second quarter increased in all geographic regions for the seventh consecutive quarter.
  • The US (18%), UK (31%), Continental Europe (15%), and Pacific (31%) regions all had double-digit pricing increases. Pricing increases in these regions were largely driven by increases in property and directors and officers (D&O) coverages.
  • US public company D&O prices were up 59% on average, with more than 90% of clients experiencing an increase. In the UK, D&O pricing increases averaged over 100%. A similar situation exists in Australia, where a lack of competition has resulted in capacity shortage. 

Constant bar chart represents Global Insurance Composite Pricing Change.