Global average commercial insurance prices increased 14 percent in Q1 2020, according to the Global Insurance Market Index, released by Marsh.
The increase is the largest since the index was launched in 2012, and the tenth consecutive quarter of average price increases.
Average price increases were driven principally by increases in property insurance rates and financial and professional lines.
Dean Klisura, president of global placement and advisory services at Marsh, said: “Pricing was trending higher in Q1, prior to any meaningful impact from losses associated with COVID-19. However, COVID-19 will likely have an impact on pricing for the balance of 2020.”
On average, global pricing for property risks increased 15 percent, while financial and professional lines rose nearly 26 percent. Global casualty prices increased by 5 percent, on average.
The US (14 percent), UK (21 percent), and Pacific (23 percent) regions all experienced double-digit pricing increases.
In the US pricing in the D&O market was up 44 percent.
Marsh, Dean Klisura, Global Insurance Market Index