A risk management global insurance index taken by Marsh showed that Insurance rates in the UK have developed in line with Continental Europe and Asia-Pacific. UK insurance rates fell during the fourth quarter of last year.The US showed the only rise in overall rates. The market saw a drop in rates for global property programmes that were renewing in the year’s last quarter. Although, this was by a smaller amount than in the previous quarter.
Latin America saw a typical rate reduction on renewal approaching 10%, a number driven by competition in the area along with acceptable loss experience. In the Asia-Pacific region, there were decreases in property rates, averaging 5%. This was due to an abundance of capacity across the area, particularly in Asia, which kept rates low on non-catastrophe-exposed risks.
On a global scale, there was a typical decrease on renewed casualty insurance programmes, which were led by falling rates in Asia-Pacific, Continental Europe and Latin America. The UK and Continental Europe led to an overall decline in rates for these programmes globally.
These global findings highlight how the insurance industry is becoming a very prosperous industry for clients, especially those who have properly managed their risk in the past. Global aviation insurance rates fell between 15%-20% by the end of 2013 and rates for catastrophe prone households in Japan have stayed largely the same. Directors and officers rates for financial institutions across the Eurozone also either fell or remained stable throughout 2013 Q4, except Italy and France who saw a rise of 10%-20% on average.
With insurance of all types on the way down on a global scale, it would seem that now is the time to take advantage of the drop in insurance rates. It would seem that what’s important is that the UK is currently seeing a lull in numerous insurance rates, and it appears that now is the best time to start searching into insurance. If you’re facing a renewal in your insurance, it may also benefit you to take a look around, search the market and truly take advantage of the current lull in certain insurance markets.
Are you currently looking for insurance? Want to take advantage of the recent fall in UK insurance prices? Why not get in touch with us on 0161 388 2520 and let us help you find the best deal possible while the rates are still low.