UK commercial insurance rates fell 2% in Q1 - Marsh
UK commercial insurance rates fell by 2% in the first quarter of 2024, whereas those in the global market rose 1%, according to the latest research by Marsh.
The UK drop meant a return to market softening. In the previous quarter, pricing had been flat after the first fall in years in Q3 2023.
Marsh’s Global Insurance Market Index found financial and professional lines rates for UK accounts declined by 9%, the sixth quarterly decline in a row.
Directors and officers rates continued to decrease, normally in the 10% to 15% range, Marsh noted.
CyberCyber insurance rates fell by 7% in contrast to the 2% increase in Q4 2023. Marsh attributed the decrease in
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