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The third quarter of 2017 was the 18th consecutive quarter of commercial insurance rate declines, according to the Marsh Global Insurance Market Index released Tuesday by Marsh L.L.C.
Meanwhile, indications are showing rate increases for U.S catastrophe risks, the brokerage said.
Rates continued to decrease globally across most regions in property and financial lines, the report said, although the rate of decline has slowed.
The report added that this was the seventh consecutive quarter in which the pace of global decreases has slowed, with third quarter 2017’s 1.6% average rate of decline lower than the 2.2% of the prior quarter, the report said.
Third-quarter global property rates declined on average by 1.7% compared with 2.8% in the prior quarter, while financial and professional lines declined by 1.4%, compared with 2.1% in the previous quarter.
Cyber renewal rates declined 1.1% on average during the third quarter compared with 1.5% in the previous quarter. It was the third consecutive quarter of decline, according to the report, as new capacity is largely offset by new demand for cyber coverage.
“The third quarter of 2017 was the 18th consecutive quarter in which average rates declined globally, largely due to capacity in the marketplace and competitive underwriting,” Dean Klisura, president of global placement and specialties at Marsh, said in a statement.
“It is worth noting that property damage and business interruption losses from the recent natural disasters in the U.S. and elsewhere had little to no impact on average rates in the quarter as they occurred late in the reporting period,” he said. “Early indications are showing evidence of rate increases for U.S. catastrophe-exposed property risks.”
(Reuters) – North American commercial property insurance rates could rise by as much as 25% during 2018 for properties that suffered catastrophe losses this year, according to a report on Monday by Willis Towers Watson P.L.C.