{"id":19302,"date":"2020-08-17T15:17:43","date_gmt":"2020-08-17T19:17:43","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=67547"},"modified":"2020-08-17T15:17:43","modified_gmt":"2020-08-17T19:17:43","slug":"global-commercial-insurance-pricing-up-19-in-second-quarter","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/08\/17\/global-commercial-insurance-pricing-up-19-in-second-quarter\/","title":{"rendered":"Global Commercial Insurance Pricing Up 19% in Second Quarter"},"content":{"rendered":"<p>New York, NY (Aug. 9, 2020) \u2013 Marsh has released its <i><a href=\"https:\/\/www.marsh.com\/uk\/insights\/research\/global-insurance-market-index-q2-2020.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Global Insurance Market Index<\/a>&nbsp;<\/i>for the second quarter of 2020. The increase, the largest since the index was launched in 2012, follows year-over-year average increases of 14% in the first quarter and 11% in the fourth quarter of 2019.<\/p>\n<p>As with the first quarter, average price increases were driven principally by increases in property insurance rates and financial and professional lines. Among other findings, the survey noted:<\/p>\n<ul>\n<li>Global property insurance was up 19% and global financial and professional lines were up 37%, while global casualty pricing was up 7% on average.<\/li>\n<li>Composite pricing in the second quarter increased in all geographic regions for the seventh consecutive quarter.<\/li>\n<li>The US (18%), UK (31%), Continental Europe (15%), and Pacific (31%) regions all had double-digit pricing increases. Pricing increases in these regions were largely driven by increases in property and directors and officers (D&amp;O) coverages.<\/li>\n<li>Certain D&amp;O markets saw large increases. For example, US public company D&amp;O prices were up 59% on average, with more than 90% of clients experiencing an increase. In the UK, D&amp;O pricing increases average over 100%. A similar situation exists in Australia, where a lack of competition has resulted in capacity shortage.<\/li>\n<\/ul>\n<p>Commenting on the findings, Dean Klisura, President, Global Placement and Advisory at Marsh, said: \u201cWhile pricing movements this quarter were impacted by losses related to COVID-19, other large losses contributed to overall pricing pressures. As insurers continue to work through claims in property and D&amp;O, and with the full cost of COVID-19 still developing, upward pressure on pricing is anticipated for the balance of 2020.\u201d<\/p>\n<h4 class=\"smallhead\"><b>About Marsh<\/b><\/h4>\n<p><a href=\"https:\/\/www.marsh.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Marsh<\/a> is the world\u2019s leading insurance broker and risk adviser. With more than 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of <a href=\"https:\/\/www.mmc.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Marsh &amp; McLennan Companies<\/a> <em>(NYSE: MMC)<\/em>, the leading global professional services firm in the areas of risk, strategy and people. With annual revenue of more than US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: <a href=\"https:\/\/www.marsh.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Marsh<\/a>, <a href=\"https:\/\/www.guycarp.com\/content\/guycarp\/en\/home.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Guy Carpenter<\/a>, <a href=\"https:\/\/www.mercer.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Mercer<\/a>, and <a href=\"https:\/\/www.oliverwyman.com\/index.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Oliver Wyman<\/a>. To learn more, subscribe to <em><a href=\"http:\/\/www.brinknews.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">BRINK<\/a><\/em>.<\/p>\n<p class=\"referencetext\"><i>SOURCE: Marsh<\/i><\/p>\n<p> Tags: <a href=\"https:\/\/www.insurance-canada.ca\/tag\/commercial-lines\/\" rel=\"tag\">commercial lines<\/a>, <a href=\"https:\/\/www.insurance-canada.ca\/tag\/marsh\/\" rel=\"tag\">Marsh<\/a><br \/>\n<a href=\"https:\/\/www.insurance-canada.ca\/2020\/08\/17\/marsh-global-commercial-pricing-up-in-second-quarter\/\">Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York, NY (Aug. 9, 2020) \u2013 Marsh has released its Global Insurance Market Index&nbsp;for the second quarter of 2020. The increase, the largest since the index was launched in 2012, follows year-over-year average&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19302"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=19302"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/19302\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=19302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=19302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=19302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}