Marsh expects the global price of commercial insurance to continue on an already upward trend in 2020, fuelled by the impact of Covid-19.
Global commercial insurance prices rose 14% in the first quarter of 2020, marking the tenth consecutive quarter of price increases.
The figures were given in Marsh’s Q1 Global Insurance Market Index, alongside comments suggesting the first-quarter impact of Covid-19 had been insignificant for prices, but that would likely change during this year.
Dean Klisura, president of global placement and advisory services at Marsh, said: “Pricing was trending higher in the first quarter, prior to any meaningful impact from losses associated with Covid-19.
“We do expect, however, that Covid-19 will have a meaningful impact on pricing for the balance of 2020.”