General Insurance Article - Global insurance rates decline once again


Global insurance renewal rates fell for the 17th consecutive quarter in the second quarter of 2017, according to Marsh's just-released Q2 2017 Global Insurance Market Index, a proprietary measure of global commercial renewal rates, representing the world’s major insurance markets and comprising 90% of Marsh premium.

 Dean Klisura, Global Industry Specialties and Placement Leader at Marsh: “The second quarter of 2017 marked the 17th consecutive quarter in which average rates declined, largely due to a market with significant capacity and a competitive underwriting environment. However, we are seeing signs that rates may be starting to firm in some geographies and some products, primarily in the Pacific region (property, casualty, and financial and professional lines) and Latin America (casualty)”.

 Despite the continuing decline, Q2 marks the sixth quarter in a row the rate of decline has moderated on average.

 Highlights of this quarter’s report include:
 Global insurance rate decreases moderated on average for the sixth consecutive quarter, down 2.2% (compared to the previous quarter’s decrease of 2.3).
 Rate decreases moderate globally in the second quarter of 2017 across property and financial and professional lines. Global property rates declined on average by 2.8% in the second quarter compared to a decrease of 3.6% in the first quarter, while financial and professional lines declined by 2.1%, compared to 2.6% in the previous quarter.
 The decline in global casualty business was slightly higher (1.7%) than the first quarter (0.6%), largely driven by stronger declines in US casualty pricing.

 To view the full report please click here

Back to Index


Similar News to this Story

Sleighing the risks by giving Santa the insurance he needs
While you might be the most magical employer in the world, we know that even you aren’t immune to the risks of running a global delivery service! From
Diversity improving in insurance and long term savings
Key figures from the Association of British Insurers’ latest Diversity, Equity and Inclusion (DEI) data collection highlight the work of insurers and
Almost a third of homeowners have been victims of burglaries
Research commissioned by Co-op Insurance reveals that almost one in three (29%) homeowners have been the victims of theft from their home. The member-

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.