Insurance prices in the world go up sharply

Worldwide insurance prices increased by 15 percent in the third quarter of 2021, according to the latest Marsh Global Insurance Market Index report. Insurance rates grew at the same pace as in the previous quarter. This is the 16th consecutive quarter of a rise in insurance prices, but for most lines and geographies, insurance prices are rising moderately. This trend may suggest that the increase in rates peaked in the fourth quarter of 2020, reaching 22 percent at the time.

On a global scale, non-life insurance prices increased by an average of 9 percent (down from 12 percent in the second quarter of 2021); while the third party liability insurance rates increased by an average of 6 percent, similar to the previous two quarters.

The rates at financial and professional lines again achieved the highest increases among the main product categories at 32 percent (compared to 34 percent in the previous quarter).

Cyber ​​insurance prices again deviated from the trend of moderate growth in rates.

“The upward trend in rates on the Polish market in Q3 remains at the level of the previous quarters of this year and amounted to approx. 20% on average. As always, the amount of increases depends on the individual risk assessment and the type of business – there are industries or not the best-secured risk, where the recorded increases are much higher,” Blanka Kuzdro-Chodor, Head of Corporate Client Department at Marsh Polska, said.

(WBJ)