Australia and New Zealand were standout markets for global premium rises in the fourth quarter, a Marsh index shows.

Pacific premiums jumped 16%, supported by pricing gains for catastrophe and non-catastrophe risks in both countries.

“Financial and professional liability pricing increased more than 20%, continuing a string of double-digit increases observed over the past six quarters,” Marsh says.

“Pricing and deductibles increased substantially, with directors’ and officers’ and financial institution pricing increasing by as much as 30% on some risks in both Australia and New Zealand.”

The Marsh Global Insurance Market Index measures commercial premium changes at renewal, covering the world’s major markets and comprising nearly 90% of Marsh’s premium.

Globally, commercial insurance pricing grew an average of 2.1%, marking the steepest acceleration since the survey began in 2012. Prices had gained 1.4% in the third quarter.

Marsh Global Placement and Specialties President Dean Klisura says average prices increased in all regions during the fourth quarter, although the gains were generally modest.

“While pricing for property and financial and professional lines have increased globally for five straight quarters, market capacity remains strong in most geographies,” he said.

Regionally, the Pacific had the largest pricing increases, a trend that has continued for seven quarters.

Property insurance pricing in the region lifted by 14.5%, the fourth consecutive quarter of double-digit rises.

The UK, continental Europe and Latin America all reported average pricing increases of at least 1%.

Asia grew 0.4% – its first lift in composite prices since late 2014 – while US pricing also grew 0.4%.

Globally, property pricing increased almost 4% on average, slightly above rates recorded in the previous three quarters.

Casualty prices declined nearly 1%, continuing a trend started in 2013.