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Third-quarter commercial insurance rates declined 4.8% on a global composite basis according to Marsh L.L.C. Global Insurance Market Quarterly Briefing, released Tuesday.
Rates declined in all regions and most lines of business as global rates saw their 10th consecutive quarterly decline, said the report.
Property rates saw the largest declines, averaging more than 5% globally, while casualty rates fell 2% to 4% on average across all major regions. The rate picture for financial and professional liability lines was mixed, according to the report.
The one difference was cyber coverage, the only line of insurance with consistent, large rate increases, averaging more than 15% in the U.S. Average cyber insurance limits exceeded $20 million for the first time, and limits purchased in the third quarter were up more than 10% on average compared with the same period last year, according to the report.
“Cyber is a unique exposure — it continues to evolve, and it is clearly here to stay,” Paul Denny, Marsh’s Northeast U.S. financial and professional liability leader and U.S. errors and omissions leader, said in a statement.
Regionally, the U.K. and Asia-Pacific regions posted the largest composite rate decreases, followed by continental Europe, Latin America, and the U.S., the report said.