A solution for the unrelenting price hikes in commercial insurance

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Marsh attributed the slightly lower price increases to improved rating stability in property insurance, as well as financial and professional lines. Global property insurance pricing was up an average of 15%, down from the 20% increase in Q4 2020. Meanwhile, casualty pricing was up 6% on average, from 7% in Q4, and pricing in financial and professional lines had the highest rate of increase among major insurance product categories at 40%, compared to 45% in Q4.

Read next: Marsh examines increase in third-party business for captives

While the average price increases may have dipped, the increases themselves are still significant

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Liberty Specialty Markets hires new underwriting manager

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Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has promoted Jennifer Quinn to underwriting manager strategic assets, London, effective immediately.

Quinn has oversight of the London Strategic Assets book of business covering cyber, intellectual property, and property GAP coverage. She joined LSM in 2019 as a senior underwriter in the strategic assets team. Before joining LSM, she spent 13 years in the London market – building her experience underwriting cyber, tech E&O, and commercial PI.

In her new role, Quinn will be responsible for growing the cyber and strategic assets offering and building LSM’s market position. She will

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China publishes draft regulating major insurance shareholders

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The China Banking and Insurance Regulatory Commission (CBIRC) has issued draft rules that seek to regulate the behaviour of major shareholders of banks and insurers.

According to the regulator, the rules seek to improve corporate governance and protect the interest of other stakeholders of the insurance and banking industries. The draft is open for a public consultation period until July 17.

These rules come in the wake of the collapses of Anbang Insurance Group and Baoshang Bank, which were taken over by the government due to insolvency, Channel News Asia reported. In both cases, major shareholders abused their powers to

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Gallagher examines growth prospects in investor meeting

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“Our growing global platform is a great fit for entrepreneurial owners looking to use our tools, data, market relationships, and expertise to grow their businesses, support their current clients, and advance their employees’ careers,” stated the group boss during AJG’s investor meeting with management on Thursday. “Gallagher can help them accomplish these objectives and more.”

He went on to highlight: “When I look at our M&A pipeline, we have more than 30 term sheets signed or being prepared, representing approximately US$250 million of annualised revenues. And we expect that to grow in the US given the potential in capital gains

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