Global commercial insurance prices rise during first quarter of 2019

It was, again, largely driven by property and directors and officers (D&O) lines of coverage.

The Marsh Global Insurance Market Index is a proprietary measure of commercial insurance premium pricing change at renewal. The pricing change captures year-over-year pricing movement, which is measured quarterly. (Photo: Shutterstock)

Global commercial insurance prices rose by 3% on average in the first quarter of 2019, marking a sixth consecutive quarter of increases, according to the Marsh Global Insurance Market Index.

(Photo: Marsh)

It was, again, largely driven by property and directors and officers (D&O) lines of coverage. Pricing for property risks increased 4.7%, a larger increase than in recent quarters. Property rates have increased globally every quarter since the catastrophe events in the fourth quarter of 2017. Financial and professional line pricing (primarily D&O) continued to accelerate, increasing 5.6%.

Overall, the market remained stable, with prices fluctuating within a relatively narrow range on average across most products and geographies.

Related: Global commercial insurance pricing increases in fourth quarter of 2018

Pricing by region

The commercial insurance market in certain regions excelled compared to others. Here are some key figures.

In the United States:

In the United Kingdom:

In continental Europe:

In Latin America:

In the Pacific region:

In Asia:

The Marsh Global Insurance Market Index is a proprietary measure of commercial insurance premium pricing change at renewal. The pricing change captures year-over-year pricing movement, which is measured quarterly. A full report can be found on the company’s website.

Related: Upward pricing predicted for most lines of business in 2019