Average commercial insurance prices increased 11% globally in the fourth quarter, according to Marsh’s latest Global Insurance Market Index. Price increases were driven primarily by increases in property insurance rates and financial and professional lines.
Among the survey’s key findings:
“The impact of natural catastrophe losses and increasing concern about litigation trends have led to price increases for many insurance buyers,” said Dean Klisura, president of Global Placement and Advisory Services at Marsh. “Global pricing has now increased every quarter for two years, and while capacity largely remains strong, there has been tightening in certain product lines and regions.”