Global insurance renewal rates fell for the 17th consecutive quarter in the second quarter of 2017, according to Marsh's just-released Q2 2017 Global Insurance Market Index, a proprietary measure of global commercial renewal rates, representing the world’s major insurance markets and comprising 90% of Marsh premium.
Despite the continuing decline, Q2 marks the sixth quarter in a row the rate of decline has moderated on average.
Highlights of this quarter’s report include:
- Global insurance rate decreases moderated on average for the sixth consecutive quarter, down 2.2% (compared to the previous quarter’s decrease of 2.3).
- Rate decreases moderate globally in the second quarter of 2017 across property and financial and professional lines. Global property rates declined on average by 2.8% in the second quarter compared to a decrease of 3.6% in the first quarter, while financial and professional lines declined by 2.1%, compared to 2.6% in the previous quarter.
- The decline in global casualty business was slightly higher (1.7%) than the first quarter (0.6%), largely driven by stronger declines in US casualty pricing.