Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Jul 2021

Price increases moderate in 1Q2021

Source: Middle East Insurance Review | Jun 2021

Global commercial insurance prices increased 18% in the first quarter of 2021, according to a report issued by Marsh. It represents the slowest rate of increase since rates hardened in the fourth quarter of 2017 and comes on the back of year-on-year average increases of 22% in the fourth quarter and 20% in the third quarter of 2020.
 
The data comes from the latest Marsh Global Insurance Market Index, a proprietary measure of global commercial insurance premium pricing change at renewal, representing the world’s major insurance markets and comprising nearly 90% of Marsh’s premium. According to the index, increases across geographies moderated due to generally slower rate rises in property insurance and financial and professional lines.
 
The UK, with a composite pricing increase of 35% (down from 44% in fourth quarter 2020) and the Pacific region, with a 29% increase (down from 35% in fourth quarter 2020) drove the global composite rate. The rate of increase in the US was 14% (down from 17%), in Pacific 29% (down from 35%), in Asia 8% (down from 11%), and in Latin America and the Caribbean 5% (down from 9%). M 
 
| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.