Search DubaiPRNetwork.com

Dubai and UAE

Thursday, August 13, 2020/ Editor

Home >> Business and Economy

Global Commercial Insurance Pricing Increased 19% in Second Quarter COVID-19 Among Range of Losses Impacting Pricing

Home >> Business and Economy
August 13, 2020:  Global average commercial insurance prices increased 19% in the second quarter of 2020, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk adviser. The increase, the largest since the index was launched in 2012, follows year-over-year average increases of 14% in the first quarter and 11% in the fourth quarter of 2019. 
 
As with the first quarter, average price increases were driven principally by increases in property insurance rates and financial and professional lines. Among other findings, the survey noted:
 
• Global property insurance was up 19% and global financial and professional lines were up 37%, while global casualty pricing was up 7% on average.
• Composite pricing in the second quarter increased in all geographic regions for the seventh consecutive quarter.
• The US (18%), UK (31%), Continental Europe (15%), and Pacific (31%) regions all had double-digit pricing increases. Pricing increases in these regions were largely driven by increases in property and directors and officers (D&O) coverages. 
• Certain D&O markets saw large increases. For example, US public company D&O prices were up 59% on average, with more than 90% of clients experiencing an increase. In the UK, D&O pricing increases average over 100%.   A similar situation exists in Australia, where a lack of competition has resulted in capacity shortage.
 
Commenting on the findings, Dean Klisura, President, Global Placement and Advisory at Marsh, said: “While pricing movements this quarter were impacted by losses related to COVID-19, other large losses contributed to overall pricing pressures. As insurers continue to work through claims in property and D&O, and with the full cost of COVID-19 still developing, upward pressure on pricing is anticipated for the balance of 2020.”

 

Share


Previous in Business and Economy

Next in Business and Economy


Home >> Business and Economy Section

Latest Press Release

Return to Ritual: Celebrate Self-Care Month with BUFARMA Skincare

Dubai Government Human Resources Department organises 2nd Human Resources Forum of 2025 to discuss e ...

Dubai Customs and Dubai Police: A strategic partnership to protect the homeland and to promote stabi ...

Rediscover family shopping days: REDTAG opens its doors in Al Ain

Dubai Culture Launches Open Call for 14th Sikka Art & Design Festival

Summer Restaurant Week Returns This DSS with Over 65 Exclusive Dining Deals Across Dubai

Julien Calloud Appointed CEO of SAVOYE to Lead a New Era of Performance and Innovation

Zoho Powers Up CRM for Everyone Platform with AI to Elevate Customer Experience

Media's Role in the Age of Algorithms By HH Sheikha Latifa bint Mohammed bin Rashid Al Maktoum

VinFast VF 8: The Premium Electric SUV Empowering a New Generation of Entrepreneurs in the UAE

Enter the Jurassic Era at VOX Cinemas

NYUAD Researchers Find Link Between Brain Growth and Mental Health Disorders

Emirates reit reports a strong Q1 2025 with 24% increase in property income

Impressive Emirati Victory at Inaugural Snow Duathlon in Ski Dubai with 209 Athletes from 49 Countri ...

Dubai Land Department encourages Emirati citizens to join the Dubai Real Estate Broker Programme

Tabreed and CVC DIF to acquire Abu Dhabi's PAL Cooling from Multiply Group

UAE Team Emirates-XRG take home five National Championship victories

Porsche Centre Abu Dhabi & Al Ain Leads Region with First Manthey Kit Installation on 911 GT3 RS

“Redefining University Leadership for the Future” Held as Part of the Sixth Conference of University ...

Dubai Summer Surprises 2025 Starts Today With Over 7,500 Offers, Free Things to Do, and the Season's ...