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Global commercial insurance prices rose by 5.8% in the second quarter of 2019, almost twice the 3% increase in the first quarter, as coverage for property and financial lines neared double-digit price hikes, according to a report released Wednesday by Marsh LLC.
Average increases in the United States lagged the global average but were substantially higher than the first quarter rate hikes.
Global property pricing increased 8% in the second quarter of 2019, compared with 4.7% in the first quarter, according to the report. Casualty rates rose 1% in the second quarter compared with a decline of 0.7% in the first quarter. Financial and professional lines rates increased 9.7% compared with 5.6% in the first quarter.
In the United States, average rates increased 4.8% in the second quarter, compared with 1.1% in the first quarter. U.S. property insurance prices have increased each month since October 2017 and rose in the second quarter, “twice the level of recent quarters,” the report said.
U.S. casualty pricing increased 0.8%, which is the first rise since the first quarter of 2017. The 7% increase in financial and professional lines in the United States was driven by directors and officers liability price increases, the report said.
Commercial insurance rates in the United Kingdom rose by 6.3% in the second quarter, compared with 2.9% in the first quarter. In continental Europe prices rose by 2% during second quarter, the same as in the first quarter, according to the report.
In Latin America prices rose by 0.5% during second quarter, compared with 1.5% in the first quarter, in Asia prices rose 3.5%, compared with 0.4% and in the Pacific region prices increased 18.3%, compared with 16.1%.
“Although global pricing has now increased every quarter for nearly two years, market capacity remains stable in most products and geographies.” Dean Klisura, president, global placement at Marsh, said in a statement.
Ivans Insurance Solutions also reported insurance price increases in a report issued Wednesday.