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Commercial insurance rates dropped for the 18th consecutive quarter, according to new data from Marsh.
The company has released its Global Insurance Market Index for the third quarter. While the study found that rates had declined for another quarter, the decline had slowed from Q2.
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“The third quarter of 2017 was the 18th consecutive quarter in which average rates declined globally, largely due to capacity in the network and competitive underwriting,” said Dean Klisura, president of global placement and specialties at Marsh. “It is worth noting that property damage and business-interruption losses from the recent natural disasters in the US and elsewhere had little to no impact on average rates in the quarter, as they occurred late in the reporting period. Early indications are showing evidence of rate increases for US catastrophe-exposed property risks.”
Global property rates fell by an average of 1.7% in the third quarter, according to Marsh. Financial and professional lines saw average rates fall by 1.4%. Casualty rates held steady from Q2.
