UK commercial pricing downturn accelerates – Marsh
UK insurance rates fell 5% in the third quarter, the fastest rate of decline since the drop started at the start of 2024, according to research by Marsh.
After ending 2023 flat, commercial insurance rates slipped by 2% in the first quarter of this year and by 3% in Q2.
Marsh’s Global Insurance Market Index listed pricing reductions in property, financial and professional lines, and cyber with only casualty bucking the trend but only due to motor liability.
Property insurance rates decreased 4% in the period, double the figure from Q2. However, the broker flagged that flooding in Europe and the hurricane season in North America were being watched
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
FSCS gives first insight on increasing levy to £394m
The Financial Services Compensation Scheme has indicated its levy for 2025/26 will rise to £394m from £265m this financial year as it cited having lower surpluses to carry forward and offset bills – a factor that has benefited brokers for two years in a row.
News analysis: Acquisitional independent brokers are on the rise, but are they any different to consolidators?
Whilst larger international and private equity backed-brokers might get the most headlines when it comes to mergers and acquisitions, they are not the only firms looking to buy. Martin Friel looks at the emergence of a host of smaller independent companies which are looking to supplement their organic growth with the odd dabble into M&A.
Close Brothers bringing in written consent rule on commercial broker premium finance commission
Close Brothers will require consent from commercial customers for broker commissions for premium finance as of Monday 25 November.
Meet the MGA: Kayzen Specialty
Kayzen Specialty founder and CEO Charles Boorman explains to Jonathan Swift his plans for the MGA to be a go-to market for financial lines through continuous improvement across its three pillars of broker-centric, underwriter-fronted and tech-focused.
Konsileo seals £8m fundraise
Top 100 insurance broker Konsileo has completed an £8m fundraise to accelerate its expansion across the UK, Insurance Age can reveal.
Rising Edge adds to employment practices liability insurance
Managing general agent Rising Edge has released a policy endorsement for its Employment Practices Liability Insurance, in move it said was in response to new UK employment laws.
Covéa promises brokers faster access with CDL home insurance tie-up
Covéa Insurance has promised brokers faster access to products and effective pricing as it launched its home insurance business on CDL’s Insurer Hosted Pricing hub, Insurance Age can reveal.
i-Wonder delivers on fast food
i-Wonder, provider of niche insurance comparison website solutions, has confirmed the adoption of its offering for the UK fast food delivery sector by “one of” the UK’s main aggregators, Insurance Age can reveal.