First fall in years as UK commercial pricing slips 1% in Q3

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Pricing in the UK commercial insurance market fell by 1% in the third quarter of 2023, ending years of market hardening, research by Marsh has revealed.

The 1% drop reversed a 1% rise in Q2, which at the time was the lowest rate of increase since the end of 2018.

The UK measure previously peaked at 44% price hardening in Q4 2020.

The overall Q3 decline was driven by a 9% reduction in UK financial and professional lines. While all other lines showed marginal upticks, they were not enough to offset this in the composite result.

Financial and professional lines have now dropped by four quarters in a row, with the latest fall the largest yet

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