LONDON (Reuters) - Global commercial insurance rates rose 19% in the second quarter, driven higher by claims related to COVID-19 and other large losses, insurance broker Marsh said on Monday.
The rate rise was the highest since Marsh began its commercial insurance rates survey in 2012, it said in a statement.
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%, Marsh said. 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," Dean Klisura, President, Global Placement and Advisory at Marsh said.