Global insurance prices rising moderately, but much more in Poland

Insurance prices rose globally by 18 percent in the first quarter of 2021, according to Marsh's Global Insurance Market Index report. This is the first quarter to see a decline in average growth rates since the first global average growth in insurance prices was recorded in the fourth quarter of 2017.

Price increases in various regions were moderate as a result of a slower growth rate in the prices of non-life insurance as well as financial and professional lines. The rates in financial and professional lines achieved the highest increases in major products, amounting to 40 percent (compared to 45 percent in the previous quarter).

"While we will continue to see price increases in some lines and the market overall will remain difficult for our customers, we expect increases to be moderate throughout the rest of this year," Lucy Clarke, President, Marsh Specialty and Marsh Global Placement, stressed.

“We are constantly observing increases in the rates of financial and professional insurance of our local clients, and increases in rates recorded by the UK or Continental European markets are increasingly visible in the rates offered by Polish insurers. While the new Marsh report informs about a slight slowdown in growth, in Poland we recorded record increases in Q1 2021. Recently, we have been able to collect data from several dozen of our largest renewals of D&O programs (third party liability insurance) and the average increase was over 100 percent," Małgorzata Splett, Director of FINPRO (financial and professional insurance) and PEMA (Mergers and Acquisitions) in Marsh Polska summed up.

(WBJ)