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.
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