Average price increases were driven principally by increases in property insurance and financial and professional lines. Among other findings, the survey noted:
- The first quarter of 2020 was the tenth consecutive quarter of average price increases.
- Globally, pricing for property risks increased 15%; financial and professional lines rose nearly 26%; and casualty increased 5%.
- Composite pricing in the first quarter increased in all geographic regions for the sixth consecutive quarter.
- The US (14%), UK (21%), and Pacific (23%) regions all experienced double-digit pricing increases. As well as increases in property pricing, much of the increase, was driven by increases in financial and professional lines, and directors and officers (D&O) rates in particular.
"Pricing was trending higher in the first quarter, prior to any meaningful impact from losses associated with COVID-19. We do expect, however, that COVID-19 will have a meaningful impact on pricing for the balance of 2020."