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Global commercial insurance prices rose 22% in the fourth quarter of 2020, the largest year-over-year increase in the Marsh Global Insurance Market Index since its inception in 2012, the broker said Thursday.
It was also the 13th consecutive quarter of price increases.
The U.K. and Pacific drove the global composite increase, with composite pricing increases of 44% and 35%, respectively, up from 34% and 33%. The U.S. saw a 17% increase, down a point from the third quarter’s 18%, data showed.
Latin America saw a 9% increase, matching the third quarter, and Asia an 11% increase, off one point from 12% in the third quarter.
Average composite pricing increased in all regions for the ninth consecutive quarter.
By line, global property rose 20% in the fourth quarter, off from 21% in the third quarter. Global casualty increased 7%, up from 6% in the third quarter, and global financial and professional lines insurance was up 47%, from 40% in the third quarter.
Despite the overall increases, hikes in some specific lines and geographies have begun to slow, Marsh said, as new capacity blunts further pricing hikes.
In the U.S., excess liability pricing rose 28%, with 75% of clients experiencing an increase. Workers compensation, however, was off 4%.
“Pricing increases may be starting to plateau for certain insurance products in certain geographies, for example, directors and officers and property in the U.S., due in part to new capacity entering the market.”
U.S. commercial insurance prices increased 18% in the third quarter, driven mainly by higher rates for property exposures and financial and professional lines, according to a report released by Marsh LLC Thursday.