Commercial Insurance Prices Rise by a Quarter Globally
Global commercial insurance prices increased by almost a quarter in the final three months of last year, which was the largest rise recorded by insurance company Marsh since 2012.
The firm's analysis shows that prices rose by 22% in the final quarter of 2020, up from year-on-year increases of 20% in the third quarter, and 19% in the second quarter.
The average composite price increase in the fourth quarter was driven principally by global property insurance, which was up 20%, and financial and professional lines ,which were up 47%.
However, the findings also show that price increases may be starting to plateau for some lines of insurance in certain geographies.