Global Insurance Pricing Declines in Fourth Quarter: Marsh
06 2월 2014 - 12:50AM
Business Wire
US Only Region with Higher Overall Renewal
Rates
Global insurance rates trended downward at the end of 2013,
driven by average pricing declines in all regions except the US,
according to Marsh’s latest Global Insurance Market Quarterly
Briefing. Overall rates tracked by the Marsh Risk Management Global
Insurance Index in the fourth quarter fell in the UK, Continental
Europe, and most significantly in the Asia-Pacific region and in
Latin America. The US was the only region in the global index to
show a rise in overall rates.
The market saw lower rates for global property programs renewing
in the fourth quarter, though by a smaller magnitude than in the
previous quarter, according to the briefing. In Latin America, the
typical rate reduction on renewal approached 10%, driven by
competition and available capacity, along with acceptable loss
experience. The Asia-Pacific region also saw decreases in property
rates averaging 5% as an abundance of capacity across the region,
particularly in Asia, kept rates low for non-catastrophe-exposed
risks.
Globally, casualty insurance programs typically renewed with a
slight decrease, led by falling rates in Asia-Pacific, Continental
Europe, and Latin America; while falling financial and professional
liability rates in Asia-Pacific, the UK, and Continental Europe led
to an overall decline in rates for those programs globally.
“Strong capital positions, plentiful capacity, and ample
competition within the global insurance industry are leading to
favorable conditions for clients, especially those with
well-managed risks,” said David Batchelor, president of Marsh’s
International Division. “In the US, insurers are competing
aggressively for profitable business and new entrants are helping
to moderate any rate increases,” added Robert Bentley, president of
Marsh’s US and Canada Division.
Among other findings from the report:
- Global aviation insurance rates
significantly declined at the end of 2013, with most airlines
renewing with decreases between 15% and 20%.
- Rates for catastrophe-exposed property
risks in Japan remained largely stable through 2013, albeit still
at levels 30% to 50% higher than before the 2011 Tohuku
Earthquake.
- Directors and officers liability rates
for financial institutions across the Eurozone either fell or
remained stable in the fourth quarter, with the exception of Italy
and France, where rates were up 10% to 20% on average.
About Marsh
Marsh is a global leader in insurance broking and risk
management. We help clients succeed by defining, designing, and
delivering innovative industry-specific solutions that help them
effectively manage risk. We have approximately 27,000 colleagues
working together to serve clients in more than 100 countries. Marsh
is a wholly owned subsidiary of Marsh & McLennan Companies
(NYSE:MMC), global professional services firm offering clients
advice and solutions in the areas of risk, strategy, and human
capital. With more than 54,000 employees worldwide and
approximately $12 billion in annual revenue, Marsh & McLennan
Companies is also the parent company of Guy Carpenter, a global
leader in providing risk and reinsurance intermediary services;
Mercer, a global leader in talent, health, retirement, and
investment consulting; and Oliver Wyman, a global leader in
management consulting. Follow Marsh on Twitter @Marsh_Inc.
MarshSally Roberts, +1 303-952-9453sally.roberts@marsh.comorLee
Ann Farwell, +1 212-345-1125leeann.farwell@marsh.com
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