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Member, Beacon International Group, Ltd.
Data from U.S.-based Marsh and McLennan Cos. Inc. showed that global commercial insurance rates increased on average more than one percentage point in the third quarter, Brink News reported. Financial and professional lines pricing increased on average 3.3% globally with rate increases in the United Kingdom for cyber and professional liability and in Australia for directors' and officers' liability. Pricing for property risks grew more than 3% globally while for casualty risks the rates declined nearly 2%. Casualty pricing increased 3% in Latin America and 5% in Australia on average.