“Our office is available 24 hours, 7 Days a week. Post Coronavirus, we mainly operate remotely and we are available in our office by appointment. We have several representatives available to take care of your needs however we understand the need to sometimes come into our place of business in order for you to meet with one of our Protection Specialists and discuss your concerns. We highly value the person to person relationship and are readily available to meet with you in person”.
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Email: info@centurioninsuranceafs.com

‘Stable’ Q4 Commercial Rate Increase of 2% *Centurion Insurance AFS*

Feb 05, 2024 (0) comment , , , , , ,


Broker Marsh said global commercial insurance rates increased by 2% at renewal in the fourth quarter of 2023, marking the 25th straight quarter of rate increases.

“At a time of much global economic uncertainty, clients will welcome the increased stability in insurance rates – especially for property exposures – and increased competition from insurers for well-managed risks,” said Pat Donnelly, president, Marsh Specialty and Global Placement. “With 2024 set to be a year of significant geopolitical and economic challenges, we are working closely with clients to develop solutions that will enable them to become more resilient to global events and to take advantage of improving market conditions.”

According to Marsh’s Global Insurance Market Index, on average rates in Q4 were flat in the UK, Canada, Asia, and Pacific. Rates increased in the US by 3%, in Europe by 4%, in India, Middle East & Africa by 4%, and in Latin America and the Caribbean by 8%.

Global property insurance rates increased 6%, with an increase in every region except the Pacific, where rates were flat. Underwriters globally continued to scrutinize property valuations in light of ongoing inflation.

Financial and professional lines and cyber rates decreased 6% and 3%, respectively. Marsh said every region saw a decrease during Q4 in financial and professional lines. In cyber, insurers continued to focus on cybersecurity controls, typically looking for year-over-year improvements, Marsh added.

Commercial Lines
Business Insurance
Pricing Trends

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