Marsh’s recent edition of its Global Insurance Market Index for Q3 2018 found that average commercial insurance pricing around the world increased by more than 1% in the quarter.
The brokerage’s report attributes this uptick to increases in property, financial, and professional lines. This is the fourth straight quarter that commercial insurance prices have increased across the globe, Marsh noted.
“Average prices have increased moderately for four consecutive quarters as the marketplace continues to respond to several factors, including recent CAT events and increased claim activity on certain non-property coverages,” commented Marsh president of global placement and specialties Dean Klisura.
Despite the increases, Marsh found that the global commercial insurance market remained relatively stable, since the prices fluctuated within a relatively narrow range.
“… Market capacity remains strong in most product areas and geographies, limiting overall price increases,” Klisura explained.
Other significant findings of the report include: