- Newslink Global Insurance Trends-This Week
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- EIOPA publishes the findings of its peer review assessing how National Competent Authorities(NCAs) supervise and determine whether an insurer's setting of key functions fulfils the legal requirements of Solvency II with a particular emphasis on proportionality
- IASB proposes a one-year deferral of the effective date for IFRS 17 after pressure from nine industry bodies from major markets
- IAIS publishes for public consultation its proposed holistic framework for the assessment and mitigation of systemic risk in the insurance sector
- EY survey estimates cost savings of £1.3bn annually could be made if UK financial services firms and 80% of their customers go paperless
- Marsh launches Bluestream a cloud-based digital broker platform for the affinity market expired
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- Ageas ceo de Smet says "we are well on track to deliver on our Ambition2018 promises" expired
- Prudential announces strong nine months financials in Singapore expired
- AIG and Carlyle Group complete 19.9% stake in Fortitude Re(formerly DSA Re) expired
16th May 2018
Marsh releases Global Insurance Market Index for first quarter-commercial property and financial/professional pricing up
Marsh today released its Global Insurance Market Index for the first quarter of 2018-highlights include:
-Following four-and-a-half years of price decreases, global commercial insurance prices rose, on average, for the second consecutive quarter. This was largely driven by property insurance pricing, which continued to be affected by 2017 catastrophe losses and increases in financial and professional lines.
-Overall, the market remained stable with first quarter, prices increasing on average by nearly 1%.
-Globally, property insurance pricing increased nearly 3% on average. Financial and professional lines pricing increased approximately 2% on average in the quarter, driven by increases in the UK, Latin America and Australia. Casualty pricing declined by nearly 2% on average.
-Most regions showed either a moderate increase in pricing in the first quarter, or a lessening of the pace of decrease. The one exception was Asia, which had a greater decrease compared to the previous quarter.
Commenting on the findings, Dean Klisura, president, Global Placement and Specialties at Marsh, said “The impact of catastrophe losses last year continued to impact property insurance prices in the US and elsewhere. However, overall market capacity remains strong with pricing decreases continuing in many regions for lines of business less affected by losses.”
MarshMac Trends(738 articles)