Marsh: Global commercial insurance prices up 14% in Q1 2020

Global average commercial insurance prices increased 14% in the first quarter of 2020, according to the Global Insurance Market Index, released by Marsh. (Photo: Vectomart/Shutterstock)

For the tenth consecutive quarter, commercial insurance prices across regions rose an average of 14% in the first quarter, says Marsh’s Global Insurance Market Index for Q1 2020. The rate hike marks the largest year-over-year increase since Marsh began publishing the index eight years ago.

“Pricing was trending higher in the first quarter, prior to any meaningful impact from losses associated with COVID-19,” Dean Klisura, president, global placement and advisory services at Marsh, said in a statement. He also noted that the pandemic will likely affect the remaining quarters, with its impact reflected in the total balance for 2020.