All Global Regions Record Increased Pricing: Marsh
London, UK (Feb. 26, 2019) – Global commercial insurance pricing increased for the fifth consecutive quarter in the fourth quarter of 2018, 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 by 2% in Q4 2018, the steepest increase since the survey began in 2012 and the fifth consecutive quarter of average increases.
- Composite pricing in Q4 increased in all global regions, the first time all regions have reported an increase in the same quarter.
- Regionally, Pacific had the largest pricing increases in the index (>10%), a trend that has continued for seven quarters. The UK, Continental Europe and Latin America all reported average pricing increases of at least 1%.
- Globally, pricing for property risks increased by almost 4% on average, slightly above the rates recorded in the previous three quarters. Casualty prices declined nearly 1% on average, continuing a trend started in 2013.
- Average pricing in financial and professional lines increased across all global regions, most notably in Australia. The increases were primarily on directors and officers insurance.
Marsh is a global leader in insurance broking and innovative risk management solutions. Marsh’s 30,000 colleagues advise individual and commercial clients of all sizes in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$14 billion and nearly 65,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms. In addition to Marsh, MMC is the parent company of Guy Carpenter, Mercer, and Oliver Wyman.
Source: MarshTags: Marsh