Marsh just released its quarterly Global Insurance Market Index. The third quarter of 2017 saw commercial rates fall for the 18th straight quarter. Marsh’s Dean Klisura said the good news in the report is the decline slowed from quarter two to quarter three.
The reason for the decline? The usual. Capacity and underwriting competition.
“It is worth noting that property damage and business-interruption losses from the recent natural disasters in the US and elsewhere had little to no impact on average rates in the quarter, as they occurred late in the reporting period. Early indications are showing evidence of rate increases for US catastrophe-exposed property risks,” Klisura said.
• Globally rates fell by 1.7%
• In the 2nd quarter the fall was 2.8%
• Financial and professional lines dropped 1.4%
• They fell 2.1% in quarter two of 2017
• Casualty rates held steady
• They were down 1.7% in the second quarter
Rates fell more — on average — in the U.S. and in Continental Europe and Latin America. Declines were less in the UK and Asia.
Source links: Insurance Journal, Insurance Business America