Commercial Insurance Pricing Increases in First Quarter 2019
Global commercial insurance pricing increased for the sixth consecutive quarter in the first 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 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.