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Global commercial insurance prices increased 15% in the third quarter, according to Marsh LLC’s latest Global Insurance Market Index, released Tuesday.
The rates of increases in many lines moderated, however, even though it was the 16th consecutive quarter of increases. The one exception was the U.S. where rates increased by 14%, up from 12% in the second quarter, driven by “substantial” increases in cyber insurance rates and a moderate increase in property/casualty rates.
The global composite rate was driven by the U.K., which had a composite pricing increase of 27%, down from 28% in the second quarter, and the Pacific region, with a 17% increase, down from 23% the previous quarter.
The results are largely in line with comments made last week by Dan Glaser, president and CEO of Marsh & McLennan Cos. Inc.
The rate of increase in Asia was 6%, unchanged from the second quarter; 2% in Latin America, down from 4%,; and 10% in Continental Europe, down from 13%.
Property lines pricing was up 9% on average, but down from a 12% increase in the second quarter.
Casualty pricing was up 6% on average, even with the first and second quarter. Pricing in financial and professional lines was up 32%, compared with 34% in the previous quarter.
Cyber insurance pricing was the wild card in the report, increasing 96% in the U.S., a 40-point jump from the second quarter. Cyber prices jumped 73% in the U.K., up from 35% in the second quarter. In both cases, the exceptional hikes were driven by the frequency and severity of ransomware claims.
Lucy Clarke, president of Marsh Specialty and Marsh Global Placement, said the broker expect rates to continue to moderate in most lines except for cyber.