Global Insurance Market Report - 2020 Q1

Global Commercial Insurance Pricing Up 14% in First Quarter

Global commercial insurance pricing increased for the tenth consecutive quarter in the first quarter of 2020, 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.

• The increase, the largest since the index was launched in 2012, comes despite the minimal impact of the COVID-19 global pandemic on pricing in the quarter.
• Average price increases were driven principally by increases in property insurance and financial and professional lines.
• Globally, pricing for property risks increased 15%; financial and professional lines rose nearly 26%; and casualty increased 5%.
• Composite pricing in the first quarter increased in all geographic regions for the sixth consecutive quarter.
• The US (14%), UK (21%), and Pacific (23%) regions all experienced double-digit pricing increases.
• As well as increases in property pricing, much of the increase, was driven by increases in financial and professional lines, and directors and officers (D&O) rates in particular.
  

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