Global Insurance Market Report - 2020 Q1
Global Commercial Insurance Pricing Up 14% in First Quarter
Global commercial insurance pricing increased for the tenth consecutive quarter in the first 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, 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 and financial and professional lines.
- Globally, pricing for property risks increased 15%; financial and professional lines rose nearly 26%; and casualty increased 5%.
- Composite pricing in the first quarter increased in all geographic regions for the sixth consecutive quarter.
- The US (14%), UK (21%), and Pacific (23%) regions all experienced double-digit pricing increases.
- As well as increases in property pricing, much of the increase, was driven by increases in financial and professional lines, and directors and officers (D&O) rates in particular.
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