U.S. Witnesses the Highest Increment in Commercial Insurance Rates in a Recovering World Economy
Global property insurance pricing rose 6% on average during the second quarter of 2022. This is down compared with a 7% increase the previous quarter, but premiums are still growing at their fastest rate.
The Global Insurance Market Index showed that commercial prices increased 9% in the second quarter of 2022, down from 11%. This moderation is a recent trend which began earlier this year when rates were increasing more than ever before.
There is moderation in pricing across most regions due to the slower rate of increase in commercial property insurance and directors & officers liability coverage.
In the U.S., the global commercial insurance rates increased by 10% (down from 12%), and in the Pacific region by 7%. Latin America and the Caribbean saw a 5% rise in the first quarter 2022. Asia saw a 3% increase while six countries across Europe experienced no change or even decrease over this time period—not too bad considering how much the insurance companies have been estimating.
