Marsh reports global insurance rates decline for 17th consecutive quarter

Finance

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.