Rates of commercial insurance dip globally in Q2

August 17 2015 by InsuranceAsia News Staff

Commercial insurance rates around the world posted a ninth consecutive quarter of decreases in Q2 of this year, a report released by Marsh showed.

In its “Global Insurance Market Quarterly Briefing”, Marsh reported that the decrease in the rates of commercial insurance can be attributed to competitive market conditions, the abundance of global capacity, and the lack of large insured loss activity.

Of all the regions, Asia-Pacific posted the largest composite rate decrease, followed by the UK, Continental Europe, Latin America and the United States.

Property insurance posted the largest decline in Q2, which was greater than 5% on average. Casualty insurance rates decreased moderately, ranging from flat to down 5%, the report added.