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- Munich Re says first half catastrophe losses lowest since 2005 estimated at around $33bn
- Lloyd’s launches a new digital distribution platform– Lloyd’s Bridge–designed to quickly, easily and efficiently connect insurance businesses and entrepreneurs with Lloyd’s underwriters
- FICO and Ovum assess company views on level of cyber security across market sectors
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- PRA publishes further Solvency II Consultation Paper, Policy Statements and Supervisory Updates expired
- Accenture to serve as the lead framework architect for The Institutes RiskBlock Alliance-a blockchain consortium for the risk management and insurance industry expired
- Next Insurance InsurTech raises $83m in series B round of funding expired
- Shift Technology to develop health insurance counter fraud database for H I Counter Fraud Group(HICFG) expired
- SSP's Keychoice partners with DAS UK Group to provide its broking community with access to two new commercial propositions for businesses through its e-trading platform expired
- LIIBA creates new working group, the Broker Delegated Authority Working Group(BDAWG) focussing the work of the London Market Target Operating Model and its impact on binders and line slips expired
16th May 2018
Marsh releases Global Insurance Market Index for first quarter-commercial property and financial/professional pricing up
Marsh today released its Global Insurance Market Index for the first quarter of 2018-highlights include:
-Following four-and-a-half years of price decreases, global commercial insurance prices rose, on average, for the second consecutive quarter. This was largely driven by property insurance pricing, which continued to be affected by 2017 catastrophe losses and increases in financial and professional lines.
-Overall, the market remained stable with first quarter, prices increasing on average by nearly 1%.
-Globally, property insurance pricing increased nearly 3% on average. Financial and professional lines pricing increased approximately 2% on average in the quarter, driven by increases in the UK, Latin America and Australia. Casualty pricing declined by nearly 2% on average.
-Most regions showed either a moderate increase in pricing in the first quarter, or a lessening of the pace of decrease. The one exception was Asia, which had a greater decrease compared to the previous quarter.
Commenting on the findings, Dean Klisura, president, Global Placement and Specialties at Marsh, said “The impact of catastrophe losses last year continued to impact property insurance prices in the US and elsewhere. However, overall market capacity remains strong with pricing decreases continuing in many regions for lines of business less affected by losses.”
MarshMac Trends(738 articles)