Global insurance prices increased by 0.9% in the third quarter of 2012, continuing the gradual creep upwards that began in the second half of last year, according to Marsh.
The broker's latest quarterly insurance market briefing, published on Friday, also found a 1.4% increase in renewal rates in the third quarter. This was the same level as seen in the second quarter, which Marsh said was evidence that price increases might be stabilising.
Andrew Chester, chief executive of the firm's placement brokering division Bowring Marsh, said: 'While the global insurance market continues to be in a state of clear transition, the results for individual insureds vary significantly. With capacity and appetite for well-managed risk still strong, insureds are still able to achieve favourable results on renewal in many lines of business.'
Insurance rates for financial and professional business rose by an average of 1.9% for renewals in the third quarter. In particular, concerns over the eurozone crisis among underwriters saw financial institutions in every major eurozone country experience increases in their liability insurance rates.
The amount of available liability insurance capacity fell in France, while German insurers became more selective about the risks they would write insurance for.
Casualty insurance rates rose by an average of 1.2% globally - higher than the 0.8% increase seen in the second quarter of 2012. Marsh highlighted 'caution' by underwriters around particular risks such as, in the US, cyber liability and wildfires, which meant firms were tightening the terms and conditions on deals where these risks are involved.
However, a lack of major losses from natural catastrophes so far this year has helped to stabilise property insurance rates. Increases at renewal in the third quarter were kept to 1.2% with insured firms with clean loss histories the most likely to experience flat renewals.
In the absence of any major catastrophe events, Marsh expects this trend to continue, with flat renewals becoming more common by the end of the year.
