Company and markets news

Global commercial insurance prices continue to soar: up 18 percent in first quarter of 2021 

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.


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