Connect with us

Hi, what are you looking for?

Loan And Finance

Q3 2021 global commercial insurance pricing up 15%


Cyber rates continue to rise on increased losses

Global commercial insurance prices increased 15% in the third quarter of 2021, according to the Global Insurance Market Index released by Marsh, the same rate of increase recorded in the previous quarter.

While this is the 16th consecutive quarter of increases, the rate of increase continues to moderate in many lines of business and in most geographies.

This trend may suggest that pricing increases peaked in the fourth quarter of 2020, at 22%.

Pricing increases across most regions moderated due to a slower rate of increase in property insurance and directors’ and officers’ liability (D&O). The UK, with a composite pricing increase of 27% (down from 28% in Q2 2021) and the Pacific region, with a 17% increase (down from 23% in Q2 2021) continued to drive the global composite rate. The rate of increase in Asia was 6% (steady from the previous quarter), 2% in LAC (down from 4%), and 10% in Continental Europe (down from 13%). The one exception was the US where rates increased by 14% (up from 12% the previous quarter), driven by substantial increases in cyber insurance rates and a moderate increase in property and casualty rates.

Among other findings, the survey noted:

  • Global property insurance pricing was up 9% on average, down from a 12% increase in the first quarter 2021; casualty pricing was up 6% on average, which was the same as the previous two quarters.
  • Pricing in financial and professional lines again had the highest rate of increase across the major insurance product categories, at 32%, compared to 34% in the previous quarter.
  • Cyber insurance pricing continued to diverge from the moderation trend. In the US prices increased 96% in the US (up from 56% in Q2), and 73% in the UK (up from 35% in Q2), driven by the frequency and severity of ransomware claims.

Commenting on the report, Lucy Clarke, President, Marsh Specialty and Marsh Global Placement, said: “While the risk and insurance landscape remains challenging around the world, we expect rates to continue to moderate in most lines. However, the pressure on rates in cyber insurance is likely to continue. Developing solutions for our clients in this segment remains a top priority for Marsh.”

Advertisement. Scroll to continue reading.



Source link

Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement

Latest

Top Stories

Miami is quickly becoming the crypto capital of the United States. In August of this year, the Magic City was the first state in...

Technology

Source: Jon Prosser x RendersByIan We’re already getting into what kind of Wi-Fi technology the iPhone 14 and Apple’s rumored mixed-reality headset will feature....

Top Stories

Lawmakers from both sides of the aisle are fighting back against changes to tax reporting rules for crypto brokers and transactions over $10,000 in...

Social Media

Twitter’s rolling out an updated tweet analytics display, available on each tweet, which will provide more specific performance insight, with extra engagement elements listed...

Online Business Success

A representation of the virtual cryptocurrency bitcoin is seen in this picture illustration taken October 19, 2021. — Reuters/File Bitcoin last traded around $60,665...

Loan And Finance

If you’ve been trying to buy a house in this chaotic pandemic housing market, you know you could lose an opportunity from right under...

Top Stories

Ever since Satoshi Natamoto, the anonymous inventor of Bitcoin, disappeared in 2011 there has been no shortage of theories about his identity. Hal Finney,...

Top Stories

As reported by The Globe and Mail, Fidelity Clearing Canada received approval from the Investment Industry Regulatory Organization of Canada on Wednesday to launch...

Advertisement

You May Also Like

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Advertisement