UK commercial insurance pricing increases for fourth straight quarter

A Marsh report has revealed UK commercial insurance pricing has increased for a fourth consecutive quarter.

The Global Insurance Market Index revealed average commercial insurance prices in the UK increased by nearly 2% in Q3 2018 – exceeding the global increase for the quarter of 1.4%.

The report stated that the rise in the UK was driven by increases in financial and professional lines, along with a stabilisation in property pricing.

The quarter saw pricing increases in cyber, professional liability and directors and officers, according to the report, particularly for clients with US or Australian listings, which are being affected by changing litigation environments.

There was a slight increase in average property pricing, driven by large accounts. But within the middle market segment, the report said competition continues to hold rates flat.

Casualty lines (all major coverages) saw a decrease in average pricing for a third consecutive quarter.