Marsh has reported an increase in global commercial and property insurance rates for the first quarter.

Although there were no major natural catastrophes in the quarter, rates for all property rose, the broker says in its regular global market report.

“Insurers globally are taking a more cautious approach and asking for detailed information before underwriting the risk,” it says.

In the US, rates for catastrophe-exposed risks went up between 10% and 20%. Property accounts with no catastrophe exposure rose by around 10%.

The report says changes made last year to insurer risk models have contributed to the property rate increases.

US Risk Practices Leader Dean Klisura says the global commercial property market will continue to reflect this upward trend, “with the average rate of increase continuing to rise month over month”.