As with the first quarter, average price increases were driven principally by increases in property insurance rates and financial and professional lines.
Global property insurance was up 19% and global financial and professional lines were up 37%, while global casualty pricing was up 7% on average.
Composite pricing in the second quarter increased in all geographic regions for the seventh consecutive quarter.
The US (18%), UK (31%), Continental Europe (15%), and Pacific (31%) regions all had double-digit pricing increases. Pricing increases in these regions were largely driven by increases in property and directors and officers (D&O) coverages.
US public company D&O prices were up 59% on average, with more than 90% of clients experiencing an increase. In the UK, D&O pricing increases averaged over 100%. A similar situation exists in Australia, where a lack of competition has resulted in capacity shortage.