Global commercial insurance prices continue to soar: up 18 percent in first quarter of 2021
- Published: Tuesday, 11 May 2021 09:31
Global commercial insurance prices increased 18 percent in the first quarter of 2021, according to the Global Insurance Market Index released by Marsh. The quarter follows year-on-year average increases of 22 percent in the fourth quarter and 20 percent in the third quarter of 2020.
Among other findings, the survey noted:
- Global property insurance pricing was up 15 percent on average, down from the 20 percent increase in the fourth quarter 2020; casualty pricing was up 6 percent on average, compared to a 7 percent increase in the prior quarter.
- Pricing in financial and professional lines had the highest rate of increase across the major insurance product categories, at 40 percent, compared to 45 percent in the previous quarter.
- Cyber insurance pricing increased in the first quarter by 35 percent in the US and 29 percent in the UK, driven by a rise in the frequency and severity of losses. In the previous quarter, cyber rates were 17 percent in the US and 26 percent in the UK.