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Global Insurance Market Index

The Global Insurance Market Index is our proprietary measure of global commercial insurance rate change at renewal — providing insights on the world's major insurance markets.

Q3 2025

Global commercial insurance trends remained positive for clients, on average, in the third quarter of 2025 across most product lines; US casualty was the main exception.

Global insurance rates declined 4% in the third quarter, the fifth consecutive quarter of declines in Marsh’s Global Insurance Market Index. Rate decreases were experienced in all regions and most product lines.

In general, there was significant available capacity and a high level of competition among insurers for business. At the same time, reinsurance pricing was also more favorable for insurers, contributing to the downward pressure on rates.

Every year, insurers keep a keen eye on the Noth America hurricane season, which holds the potential to produce market-shifting levels of property damage. The season runs from June 1 through November 30; damaging storms are possible outside that timeframe but are less likely. To date in 2025 there have been few storms, and none of significant note.

Rates for property, cyber, and financial and professional insurance declined in every region. Reductions in financial and professional lines have been in the mid-single digits for 12 of the past 13 quarters.

The main product line experiencing rate increases was casualty insurance, due largely to the frequency and severity of claims in the US, many of which are characterized by large (so-called “nuclear”) jury awards. Excess casualty risks generally experienced significantly higher rate increases than primary lines, though the increases were slightly lower, on average, than in the prior quarter.

In regions outside the US, casualty insurance rates increased by 1% in Europe and declined up to 7% in all other regions as their legal environments typically do not result in verdicts of the size experienced in the US. Casualty insurance trends seen this quarter are likely to continue for the foreseeable future, barring unanticipated changes in conditions.

The current period follows what had been several years during which rates generally increased. As insurers continue to vigorously compete for business, we expect the overall trends seen in the third quarter to continue, barring unforeseen changes in conditions.

Our clients are typically benefitting not only from the declining rate environment, but also from opportunities to negotiate improved terms and conditions. Clients should work closely with their Marsh brokers to assess exposures and risk appetite and seek areas where it may be possible to broaden coverage compared to what was available in recent years. 

- John Donnelly, President, Global Placement

Q3 2025

Global insurance markets: Insurer capacity and competition drive rate declines and coverage enhancements

Global commercial insurance rates declined by 4% in the third quarter of 2025, the fifth consecutive decrease in the composite rate following seven years of increases, according to the Marsh Global Insurance Market Index.

Significant capacity was available, driving competition among both new and existing insurers, leading to generally more favorable terms and broader coverage options for clients.

A continuing increase in insurer competition was the main catalyst behind rate trends, which declined globally in every region. In the US, rates declined by 1% after being flat in the prior quarter. The Pacific region experienced the largest composite rate decrease at 11%.

Rates decreased globally across all major product lines with the exception of casualty, where rates increased 3%; casualty rates had increased by 4% in the prior quarter.

Many clients, particularly those with strong risk profiles, used the competitive environment to negotiate better terms, enhance coverage, and explore alternative risk transfer solutions such as self-insurance and captives. 

Global Insurance Market Index third quarter 2025

Global composite insurance rate change

*Note: All references to rate and rate movements in this report are averages, unless otherwise noted. For ease of reporting, we have rounded all percentages regarding rate movements to the nearest whole number.

Global composite insurance rate change – by region

Global product line trends, Q3 2025:

  • Property rates declined by 8% globally, with rate movement varying by region. The Pacific region experienced the largest decreases, at 14%. All other regions declined between 3% and 9%.
  • Casualty rates increased by 3% globally, led by an 8% increase in the US. Other regions varied between 1% increases and 7% decreases.
  • Financial and professional lines rates decreased by 5% globally, declining in every region.
  • Cyber insurance rates decreased by 6%, with declines seen in every region, including 12% in Europe and 11% in Latin America and the Caribbean and the UK.

Our rates reflect the segment mix of Marsh’s client portfolio.

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