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Business insurance coverage value will increase break data once more

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Another quarter brings another round of global commercial insurance price increases. This time, prices rose 22% in the fourth quarter of 2020, according to Marsh’s Global Insurance Market Index.

The most recent increase is the largest since the index was launched in 2012 and is based on average year-over-year increases of 20% in the third quarter and 19% in the second quarter of 2020.

Still, there is some good news as the index found that price increases could gradually plateau for some lines of insurance, but only in certain regions.

For example, property and director and officer (D&O) insurance prices in the United States are showing signs of moderate growth, and similar patterns are evident in certain property and casualty insurance lines in continental Europe and Latin America and the Caribbean (LAC) observe. Marsh noted that continental Europe, Asia, and LAC in the region have seen moderate price increases for three quarters.

Marsh attributed the compounded average price increase in the fourth quarter to rising property insurance rates and an increase in financial and professional lines. Further results were:

  • Global property insurance prices rose an average of 20%, down slightly from the 21% increase in the third quarter. However, this was offset by a larger surge in global finance and career lines, which rose an average of 47% versus a 40% increase in the previous quarter.
  • Victims’ prices rose by an average of 7% compared to 6% in the previous quarter.
  • Fourth quarter composite prices increased for the ninth consecutive year across all geographic regions.
  • All regions except LAC (9%) saw double-digit price increases, with the UK in the lead (44%), the Pacific region closely behind (35%) and the US in third place (17%). According to Marsh, the rate of increase either decreased or stayed the same in all regions outside the UK and Pacific in the fourth quarter.
  • Public company D&O covers continue to see sharp rate hikes, particularly in key markets such as the UK and Australia. While D&O price increases are easing in other regions, prices in many countries are still between 25% and 50% higher.

“The global insurance market was very challenging in 2020 and we expect these conditions to persist through the first half of 2021,” said Lucy Clarke, President of Marsh JLT Specialty and Marsh Global Placement. “Although we are seeing signs that price increases are starting to plateau in some areas, our customers continue to face difficult trading conditions. We strive to introduce our customers to all options for risk reduction and placement of insurance and to advise and support them in adapting their buying patterns for insurance. “

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