U.S. commercial insurance rates inched up 1% on average in the second quarter, slowing from 3% increases in the prior two quarters, according to Marsh LLC’s quarterly pricing index.
Among major coverage lines, umbrella and excess liability rates rose 10%, compared with 11% in the first quarter; casualty rates were unchanged at 4%; property rate hikes slowed significantly to 2% from 8%; and financial and professional lines fell 3%, compared with a 5% decline.
Within the financial and professional lines segment, public company directors and officers liability rates fell 5%, compared with an 8% decline in the first quarter. Cyber liability rates fell 5%, compared with a 6% decrease in the prior quarter.
Globally, average rates were flat, which was the first time in nearly seven years that rates did not increase, according to Marsh.
In Latin America, average rates increased 4%, compared with 5% in the first quarter; in Continental Europe, rates rose 1%, compared with 3%; in the United Kingdom and Asia, rates fell 3%, compared with a 2% decrease; and in Canada and the Pacific, region rates fell 5%, compared with a 2% fall.
