Global insurance rates declined for 15th consecutive quarter in 4Q2016: Marsh
Source: Asia Insurance Review | Apr 2017
Global insurance rates declined for the 15th consecutive quarter in the fourth quarter of 2016 as a result of substantial capacity and an absence of significant catastrophe losses. However, the decline moderated to 3.1% across all major global lines (compared to the previous quarter’s decrease of 3.2%) and marked an entire year (four consecutive quarters) in which the average rate of decline for global insurance rates moderated, according to the Marsh Global Insurance Market Index.
Bucking the trend of more moderate declines was global property insurance rates, which fell by 4.2% in Q4, compared to a decrease of 3.9% in Q3. Global casualty rates saw rates of decline decrease at 1.9% in Q4, down from 2.4% in the previous quarter, and financial and professional lines decreased on average by 3%, a similar level to the prior quarter.