While the property market is hardening further, financial lines saw rates drop by 9% during Q1, Marsh reported. Directors & officers particularly stood out, as pricing declined 13% during the period. (Credit: hakinmhan/Adobe Stock) While the property market is hardening further, financial lines saw rates drop by 9% during Q1, Marsh reported. Directors & officers particularly stood out, as pricing declined 13% during the period. (Credit: hakinmhan/Adobe Stock)

Overall worldwide commercial property rates were up 10% during the first quarter of 2023, while a 17% increase was seen in the U.S., the biggest increase experienced in any region, according to Marsh's Global Insurance Market Index. During the final quarter of 2022, the U.S. saw an average commercial property rate increase of 11%.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]