UK commercial hardening drops to 1%
Insurance pricing in the UK commercial market rose by only 1% in the second quarter of 2023, according to Marsh, its lowest rate since Q4 2018.
The index peaked at 44% price hardening in Q4 2020.
The latest result follows on from a 3% uptick in the first three months of the year and came as rises moderated almost across the board.
Cyber was the only line to accelerate, albeit marginally, from 10% at the start of the year to 11% in the second quarter.
The stability is in contrast to the first quarter of last year when cyber pricing soared 102%.
Marsh acknowledged that since the second half of 2022, increased competition in the UK and
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