Global commercial insurance pricing increased for the seventh consecutive quarter in the three months to June 30, according to the latest Marsh Global Insurance Market Index.
Commercial insurance prices rose 5.8% on average in the second quarter, the largest increase since Marsh started the index in 2012. On average, global property risks prices increased 8%; casualty prices ticked up 1%; and financial and professional lines prices climbed almost 10%.
The Pacific region saw the largest composite pricing increase in the index at 18%, driven by increases in directors and officers insurance rates and both catastrophe and noncatastrophe property. It was the 10th consecutive quarterly increase in the region and the seventh in a row with a double-digit percentage rise.
Pricing rose 4.8% in the U.S., 6.3% in the U.K. and 3.5% in Asia.