Global commercial insurance pricing increased for the ninth consecutive quarter in the fourth quarter of 2019, according to Marsh's quarterly Global Insurance Market Index, a proprietary measure of global commercial insurance premium pricing change at renewal, representing the world's major insurance markets and comprising nearly 90% of Marsh's premium.
- Average commercial insurance pricing increased 11% in the fourth quarter of 2019, the largest increase since the survey began in 2012, and the ninth consecutive quarter of average price increases.
- Globally, on average, pricing for property risks increased 13%; financial and professional lines rose nearly 18%; and casualty increased 3%.
- Composite pricing in the fourth quarter increased in all geographic regions for the fifth consecutive quarter, largely driven by rates in directors and officers (D&O) coverage and property.
- All global regions reported average pricing increases of 5% or higher for the first time since the index began.
- The Pacific region had the largest composite pricing increase in the index (21%), a quarterly trend that has continued for three years. Pacific composite pricing was driven by increases in D&O rates, as well as increases in property.