Commercial insurance prices on the rise

March 5 2018 by InsuranceAsia News Staff

Commercial insurance prices rose globally in the fourth quarter of last year, a first in four-and-a-half years, according to an index released by Marsh.

The Marsh Global Insurance Market Index noted that average pricing increased by 0.8% in the fourth quarter 2017, from a 1.9% decline in the third quarter.

Marsh said the global price increase was driven mainly by global property insurance pricing, which was affected by large catastrophe losses in the last three quarters of the year.

Global insurance pricing for property and financial and professional lines increased, on average, in the fourth quarter of 2017.

The Asia region, however, continued to see average pricing declines in the fourth quarter of 2017, albeit at a slower pace.

Overall insurance capacity in the region remains robust. Australia saw a fourth straight quarter of overall price increases, which is largely attributable to insurers’ continuing response to poor underwriting results across many products.

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