Global commercial insurance prices rose 18% in the first quarter, according to Marsh’s latest Global Insurance Market Index. That follows average annual increases of 22% in Q4 2020 and 20% in Q3 2020. The first quarter of 2021 was the first to show a drop in the average rate of increase since the index reported the first rise in global rates in the fourth quarter of 2017.
Increases across geographies moderated due to generally slower rate rises in property insurance and financial and professional lines, according to Marsh. The UK, with a composite pricing increase of 35% (down from 44% in Q4) and the Pacific region, with an increase of 29% (down from 35% in Q4) drove the global composite rate.