Marsh’s Global Insurance Market - Quarterly Briefing indicates that insurance pricing is generally down in all regions except the U.S. In Part 1 of this two-part interview, David Batchelor, President of Marsh’s International division, explains trends in property, casualty and financial lines.
According to Mr. Batchelor, the lower pricing environment for the property market in 2013 was driven by:
plentiful supply of available capacity in primary markets absence of major catastrophes in 2013 new capital entering reinsurance markets from private equity, hedge funds and pension funds, which are driving pricing of reinsurance.
Marsh’s Insurance Index indicated that the Casualty market experienced a similar situation with available capacity responsible for the decline in pricing.
D&O for financial institutions was down in the EU, except in Italy and France. Across the EU, underwriters were reviewing the impact on claims from litigation and regulatory changes as they assessed their portfolios. In 2013, Italy and France demonstrated a recalibration by underwriters for large financial institutions.
Mr. Batchelor believes 2013 sets the stage for another year of potentially competitive rates. “The capacity still exists...I think that if losses continue at their current level, and [there is] stability of capital and surface position of underwriters, we see another competitive rate environment for clients in 2014”, he said.
In Part 2, Mr. Batchelor will discuss pricing trends in the U.S. insurance market. If you’d like a copy of Marsh’s Global Insurance Market - Quarterly Briefing, visit the Marsh website, or go to the WRIN.tv On Demand Library.
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