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Commercial insurance pricing increased 14% in the United States during the first quarter, compared with the year-earlier period, according to a report released Monday by Marsh LLC.
Property rates rose 21%, the most since the survey began in 2012, the broker said. This compared with a 4% increase in last year’s first quarter and an 18% increase in the fourth quarter, Marsh data showed.
Casualty pricing increased 5% during the first quarter, compared with 2% a year earlier, as the excess liability market drove much of the overall casualty pricing movement, with average prices up 11%.
U.S. financial and professional lines pricing rose 23% compared with 3% a year earlier, driven by directors and officers pricing, which was up 44%, with 95% of clients experiencing an increase, Marsh said.
Cyber insurance pricing rose 6%, the largest increase since 2016, Marsh said.
Auto pricing was up 10%, with 80% of clients experiencing an increase, while workers compensation pricing decreased 1%.
Global insurance prices rose for 10th consecutive quarter, surging 14%, compared with 3% a year earlier and 11% in the fourth quarter.
The first-quarter increase was the largest year-over-year gain in the Marsh Global Insurance Market Index since its inception in 2012, the broker said.
Pricing rose 21% in the United Kingdom and 23% in the Pacific, while continental Europe saw an 8% increase and Asia and Latin America and the Caribbean 6% each, the report said.
The COVID-19 outbreak “had an insignificant impact on pricing in the first quarter,” Marsh said, adding, however, “We anticipate that COVID-19 will likely have an impact on pricing for the balance of 2020.”
More insurance and risk management news on the coronavirus crisis here.