US insurance pricing sees modest decline: Marsh

Average insurance pricing in the United States decreased by nearly half a percentage point in during this year’s third quarter, reversing a trend toward flat pricing, said Marsh LLC in a report issued Wednesday. Average property rates increased 3.1%, which was the fourth consecutive quarter of low-single-digit increases following 2017’s catastrophes, according to the Global Insurance Market Index report for the third quarter of 2018. Catastrophe-exposed risk and large-layered programs drove much of the increases in pricing, with 4% to 5% increases on average, according to the report.