Quarterly Insurance Rate Trends: Steady Upticks in the U.S., Varied Shifts Globally

In the United States, average insurance rate increases remained steady at 3% in the first quarter, mirroring the fourth quarter. However, the dynamics within different insurance lines shifted slightly, as highlighted in a Business Insurance article tracking insurance rate trends.

Property insurance rate hikes decelerated, while casualty rates saw a slight acceleration. Conversely, financial and professional lines experienced continued decreases. Property insurance still saw the largest increase among major lines at 8%, albeit a decrease from the previous quarter’s 11%.

Casualty rates rose to 4%, up from 3%, while financial and professional lines fell by 5%, a slight improvement from the prior quarter’s 6% decline.

Specifically within the financial and professional lines sector, directors and officers liability rates for public companies remained stable, following significant decreases in previous quarters. Cyber liability rate decreases accelerated to 6% from the previous quarter’s 4%.

Globally, average rate increases slowed to 1% in the first quarter from 2% in the prior quarter. Latin America experienced a decrease in rate increases from 8% to 5%, Continental Europe saw a similar decline from 4% to 3%, and Asia witnessed rates decline from flat to -2%. In contrast, the United Kingdom and Canada both saw their rates fall by 2%, compared to 1% decreases in the prior quarter.