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

Insurance pricing up sharply in Q1: Marsh


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.