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Average commercial insurance pricing increased 7.8% in the third quarter of 2019, the eighth consecutive quarter of average price increases, according to the Marsh Global Insurance Market Index, released Monday.
The increase was also the largest since the survey began in 2012, the Marsh LLC’s Monday report said.
Globally, on average, pricing for property risks increased by 10.2%; financial and professional lines rose by 14.2%; and casualty increased by 0.8%.
“Pricing increased in all three major product lines — property, casualty, and financial and professional liability — for the second straight quarter,” the report said.
Price increases varied regionally, led by the Pacific with an 18.8% increase, followed by the U.K. at 11.8%, then the U.S. at 6.4%, Asia at 5.1%, Latin America and the Caribbean at 4.6%, and continental Europe at 4.2%, report data showed.
U.S. pricing has been trending up and continues to firm, the report said.
“The general trend was toward a firming of prices across the majority of coverage lines. There has been a steady upward trend in pricing in the US since the third quarter of 2017,” the report said.
U.S. property pricing was up 12.9% in the third quarter and has increased for eight consecutive quarters, the report said, although U.S. casualty pricing slipped by 0.7% in the third quarter after having experienced the first increase in two years in the previous quarter.
U.S. financial and professional lines insurance jumped 11.2% in the third quarter, according to report data.
“Global insurance pricing increased 8% in Q3 2019, as the market continues to firm in most regions. Global pricing has now increased every quarter for nearly two years, and market capacity is starting to show signs of tightening in certain geographies and lines of business,” the report said.
Average insurance pricing in the United States decreased by nearly half a percentage point in during this year’s third quarter, reversing a trend toward flat pricing, said Marsh LLC in a report issued Wednesday.