In Asia, insurance pricing in the first quarter of 2019 increased by 0.4%, marking the seventh consecutive quarter of relatively minor pricing movements., according to the latest Marsh Global Insurance Market Index.

Other trends noted in Asia include:

• Property pricing increased by 0.6%, only the third quarterly increase in four years.
• Casualty pricing declined 0.4%, continuing a trend toward stable pricing following several years of moderate decreases.
• Financial and professional liability pricing generally increased, with the composite up 0.2%. This marked the first back-to-back quarterly increases in more than six years. Financial and professional liability pricing was influenced by the deteriorating global market and carriers’ efforts to achieve pricing adequacy while reducing capacity.

Global

Globally, commercial insurance prices rose by 3%, on average, in the first quarter of 2019, marking the sixth consecutive quarter of increases, according to the Index. Composite pricing in the first quarter increased in all global regions for the second quarter in a row, driven by rate change in property and directors and officers (D&O) coverages.

Regionally, Pacific had the largest price increases in the index (>10%), a trend that has continued for eight quarters. The UK and Continental Europe both reported average price increases of 2% or higher. Insurance pricing in the first quarter of 2019 in the US increased by 1.1%.

Overall, the insurance market remained stable, with prices increasing or decreasing within a relatively narrow band across most products and regions.

The Marsh Global Insurance Market Index is a proprietary measure of commercial insurance premium pricing change at renewal, representing the world's major insurance markets and comprising nearly 90% of Marsh’s premium. The pricing change captures year-over-year pricing movement, measured quarterly. The pricing change metrics are based on a combination of statistical data and surveyed opinions from Marsh placement leaders worldwide.