According to the Global Insurance Market Index by Marsh, the average worldwide prices of commercial insurance have been increased 22% during the final quarter of 2020. The index also reported that this was the largest year-on-year increase since the index began tracking the data in 2012.
As per the report of Marsh, while the fourth quarter saw pricing hit a record, the gains were in line with preceding periods, with the third quarter seeing a 20% gain and 19% growth in Q2 2020.
