Global insurance rates up by 19% due to COVID19 and other large losses in Q2

On Monday, in a statement insurance broker Marsh stated, global commercial insurance rates saw a rise of 19% during the second quarter, driven by higher by claims related to COVID-19 and other large losses.

The company is witnessing its highest ever insurance rate ever since it began a commercial insurance rates survey in 2012.

“Directors & officers’ insurance premiums in Britain rose by more than 100%, while in the United States, D&O rates for public companies were up by 59%,” said Marsh.

Companies buy D&O insurance to protect against litigation costs.

“As insurers continue to work through claims in property and D&O, and with the full cost of COVID-19 still developing, upward pressure on pricing is anticipated for the balance of 2020,” said Dean Klisura, President, Global Placement and Advisory at Marsh.

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