Global insurance rates continued to harden in the first quarter of this year, according to Marsh.

Rates renewed with a rise of 0.3%, following a 1.2% increase in the fourth quarter of last year, the group’s Global Insurance Market Quarterly Briefing says.

The growth continues the trend of the previous 18 months, albeit at a slower pace.

However, results are mixed when broken down by geography or business class.

In the US rates for most major insurance lines grew 2-4%; outside the US rates fell by an average of about 1%.

Australia, like many non-US nations, experienced mostly flat renewals in the first quarter, Marsh says.

Property rates in northeast US grew following Superstorm Sandy, while global property rates typically fell 0.2%.

Financial and professional lines increased 0.8% globally in the first quarter, while casualty rates renewed up 0.7%. 

“While rates continue to rise, insurers have a healthy appetite for business and this is making conditions progressively more favourable for insurance buyers,” Marsh US Risk Practices and Specialties Leader Dean Klisura said.

“Underlying this trend are both strong capacity and increased interest from many global insurers.”