Gallagher says its Australia and New Zealand broking business achieved strong third-quarter growth and premiums are continuing to rise.

The region recorded more than 8% organic growth, compared with 3.5% for the brokerage segment overall, CEO Patrick Gallagher told an earnings conference call.

Global property and casualty pricing was flat in the quarter. Mr Gallagher says there are indications of upward movement, with regional variations amid a generally stable environment.

“Over the past month, I met with almost all of our global leaders and many insurance carriers,” he said. “Of particular note, Australia and New Zealand are continuing to see rate increases and it appears there could be some modest hardening on US property lines.”

Third-quarter brokerage revenues grew 9% to $US953.7 million ($1.24 billion), while net profit increased 10% to $US107.6 million ($140.1 million).

Overall company profit, including broking, risk management and other corporate earnings, increased to $US137.8 million ($179.5 million) from $US130.4 million ($169.8 million) in the corresponding period last year.

Gallagher completed six brokerage “tuck-in mergers” during the quarter, and Mr Gallagher says the group is well positioned for a strong finish to the year.

More claims are likely to be filed from wildfires in California, adding to losses from US hurricanes and Mexican earthquakes as many clients face challenges from “unprecedented natural disasters”.