Global Insurance Market Quarterly Briefing – April 2013

Underlying these market conditions are very strong capacity and increased support for business among some global insurers for both catastrophe – and non-catastrophe – exposed property risks. However, property rates rose in the US Northeast and insurers restricted coverage for flood-exposed properties...

Global insurance rates continued to firm on average in the first quarter of 2013, following a trend established over the previous 18 months. In the US, most major insurance lines saw rate increases of 2% to 4%. Outside the US, rates overall decreased by an average of approximately 1%.

According to the report:

• Property rates increased in the US Northeast following October's Superstorm Sandy, though property rates were down slightly in international regions from the first quarter last year.
• Financial and professional lines generally increased by 0.8% globally on renewal.
• Casualty insurance rates renewed up 0.7%.
• Strong capacity and increased support for business among some global insurers for catastrophe and non-catastrophe-exposed property risks underlie market conditions.