- Lloyd's announces key appointments for the governance and delivery of the Future at Lloyd’s Blueprint One programme together with confirmation of the raising of £300m of senior debt to fund the transformation
- Insurance Europe new publication-"Why Insurance" urges policymakers to make sure the industry’s special features are taken into account when developing insurance regulation
- Geneva Association Women in Insurance Award launched
- CII PublicTrust survey indicates UK consumers want action on renewal pricing
- Willis Towers Watson launches ResQ Financial Reporter, an out-of-the-box software solution designed to help P&C insurers implement IFRS 17
- Duck Creek announces that four leading investment firms have invested $120m in the company
- FRISS to partner with National Insurance Crime Bureau(NICB) expired
- City Insurance shows impressive growth expired
- Canopius appointsTongue as underwriter, trade & political risk expired
- Hannover Re and Global Parametrics in partnership with BMZ and KfW to form Natural Disaster Fund(NDF) Deutschland expired
- Victor Insurance Holdings announces approval from Lloyd’s to establish Victor Syndicate 2288 and commence underwriting effective 1st January expired
- BMS announces appointments to its US reinsurance team expired
11th August 2019
Marsh releases its Global Insurance Market Index for the second quarter
Marsh has released its Global Insurance Market Index for the second quarter of 2019. Key findings include:
-Average commercial insurance pricing increased nearly 6% in the second quarter 2019, the largest increase since the survey began in 2012, and the seventh consecutive quarter of average pricing increases.
-Globally, on average, pricing for property risks increased 8%; financial and professional lines rose almost 10%; and casualty increased nearly 1%. In general, pricing increases were more pronounced in large accounts, particularly in property and directors and officers liability(D&O).
-Composite pricing in the second quarter increased in all geographic regions for the third consecutive quarter, largely driven by rates in property and D&O coverages.
The Pacific region had the largest composite pricing increase in the index(18%), a quarterly trend that has continued for two years. Pacific composite pricing was driven by increases in D&O rates(many organisations experienced high double-digit increases), as well as increases in both CAT and non-CAT property.
-The US, UK, and Asia all reported average pricing increases of 3% or higher.
Commenting on the findings, Dean Klisura, president, Global Placement at Marsh, said “Global insurance pricing increased 6% in Q2 2019, double the rate observed in Q1. Although global pricing has now increased every quarter for nearly two years, market capacity remains stable in most products and geographies.”
Marsh @ McLennan Trends(763 articles)