The global broker Marsh has released its Q2 report on worldwide insurance pricing.
The Q1 report available here reported that global commercial insurance prices rose 14% and we anticipated that the next quarter's report would show a further acceleration in rate increases as insurers pushed for rate increases as a result of Covid. This certainly has occurred as the latest Marsh report shows a 19% increase in global commercial pricing thereby making a new record increase since the Marsh index started.
See chart below for US business:
Summarising the Marsh report, the findings are as follows:
- Global composite insurance pricing increased by 19% (Q1: 14%);
- Global property insurance pricing increased by 19% (Q1: 15%);
- Global casualty pricing increased by 7% (Q1: 5%);
- Global Financial and professional liability rose by 37% (Q1: 26%);
The Marsh report is well worth reviewing for the graphs that illustrate the extracts above broken down by region and class of business.
Reference was made to the Marsh index in our recent webinar which can be found here on our website and accessed with the Hampden password. Reminders of the password can be obtained from a Private Client Director.
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