BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

US commercial property pricing up 22% in Q2


Commercial property insurance average pricing in the U.S. increased 22% in the second quarter of 2020, according to the Global Insurance Market Index released Monday by Marsh LLC.

Commercial casualty insurance pricing in the U.S. increased 8% in the second quarter of 2020 as commercial excess liability insurance pricing increased 21%. Commercial auto insurance pricing increased 10% during the second quarter, while worker’s compensation pricing decreased 2%, Marsh data showed.

Commercial financial and professional liability insurance average rates in the U.S. increased 30%, as pricing in the directors and officers market was up 59%, with more than 90% of clients experiencing an increase, Marsh said.

Commercial employment practices liability insurance average pricing rose 8%, and cyber insurance average pricing rose 7%, Marsh said.

The report Monday also noted a “trend toward higher retentions and reduced limits.”

Global average commercial insurance prices increased 19% in the second quarter of 2020.

The increase is the largest since the index was launched in 2012, Marsh said. Global average commercial insurance prices saw year-over-year increases of 14% in the first quarter of 2020 and 11% in the fourth quarter of 2019, Marsh said.

Global property insurance pricing rose 19% year over year in the second quarter after rising 15% in the first quarter, data from the report showed.

Global casualty pricing increased 7% on average in the second quarter of 2020 after rising 5% in the first quarter, the data showed.

Global financial and professional lines commercial insurance pricing jumped 37% in the second quarter of 2020 after rising 26% in the first quarter.

Geographically, composite pricing increased across all regions for the seventh consecutive quarter, Marsh said. The increases were led by the U.K. and Pacific regions at 31% each, followed by the U.S. at 18%, Continental Europe at 15%, Asia at 9%, and Latin America and the Caribbean at 8%, report data showed.

Pricing increases are expected for the remainder of the year, according to Dean Klisura, president, global placement and advisory at Marsh. “As insurers continue to work through claims in property and D&O, and with the full cost of COVID-19 still developing, upward pressure on pricing is anticipated for the balance of 2020,” he said in the statement.

More insurance and risk management news on the coronavirus crisis here.












Read Next

  • US commercial prices rise in Q2: MarketScout

    The U.S. composite commercial property/casualty rates increased to 4.8% in the second quarter from 4.5% in the first quarter, but there were significant differences among sectors, according to a MarketScout report issued Tuesday.