May 11, 2020
Global average commercial insurance prices increased 14% in the first quarter of 2020, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk adviser. The increase, the largest since the index was launched in 2012, comes despite the minimal impact of the COVID-19 global pandemic on pricing in the quarter.
Average price increases were driven principally by increases in property insurance rates and financial and professional lines. Among other findings, the survey noted:
Commenting on the findings, Dean Klisura, President, Global Placement and Advisory Services at Marsh, said: “Pricing was trending higher in the first quarter, prior to any meaningful impact from losses associated with COVID-19. However, COVID-19 will likely have an impact on pricing for the balance of 2020.”
Marsh (NYSE: MRSH) is a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of over $24 billion and more than 90,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit corporate.marsh.com, or follow us on LinkedIn and X.
