Global commercial insurance prices rising

May 17 2018 by InsuranceAsia News Staff

A report released by Marsh shows that global commercial insurance prices rose in the first three months of this year, on average, driven largely by pricing for property and financial and professional insurance lines.

Dean Klisura, president of global placement and specialties for Marsh, said the first quarter rise marked a second consecutive quarter of increases.

The Marsh Global Insurance Market Index, which is a proprietary benchmark of commercial insurance premium pricing change at renewal, showed that property insurance prices continued to be affected by catastrophe losses in the third quarter of 2017.

Despite staying flat in the US and declining in some regions, pricing for financial and professional lines globally increased 1.8% in the first quarter of 2018.

Insurance pricing in Asia continued to decline, on average, and at an increased pace, the Marsh index showed.

MORE FROM: Catastrophe