The second quarter of 2017 marked the sixth consecutive quarters of moderating renewal rate decreases, according to the latest Marsh Global Insurance Market Index.
It is also the seventeenth consecutive quarter in which commercial insurance rates declined, on average, largely as a result of the continuing forces of a global market with significant capacity and a competitive underwriting environment.
Global composite renewal rates have been on the decline since February 2013. As of February 2017, the global insurance composite rate change is -2.2%. Competitive global commercial insurance prices helped produce a combined ratio for the industry that was above 100% at the end of 2016 for the first time since 2012.
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