(Economic & Insurance News by Insurance Market 360) – Investigation done in commercial insurance sector across various regions and the globe in both private and public domains for the fourth quarter of 2020 with the support of Marsh, the lion share holder, indicate an aggregate of 22% increase which is 3% more than Q3, 2020.Global market insurance index was initiated in 2012 to study the trends across countries and continents which is a good resource and reference for various stake holders in insurance sector.
The major emphasis was laid on property insurance pricing, finance and professional lines, causality and composite ranking across regions and the nations. Analysis reported a sharp hike in finance and professional domains from 40% in Q3 to 47% in Q4.Property pricing decreased by 1%, whereas composite pricing has been increasing consistently for the last 9 years.
Though the overall increase is found in the fourth quarter, there is no significant change witnessed in certain regions other than UK and Pacific. Property insurance and Directors and officers reported moderate results. Region wise outputs reported Continental Europe, Asia, and LAC had moderate levels of price increases for three quarters of the financial year 2020.
Reports at national level reveal that Latin America, Pacific and US exhibited a positive growth of 9%, 35% and 44% respectively in Q4.Public sector Company D & O on an average reported medium results they had very good progress in US & Australia and exhibited an increase in the range of 25% to 50% in other countries of the world.