Skip to main content
Marsh logo

DIgital Report

Global Insurance Market Index Q4 2023

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

02/04/2024

Q4 2023

Global insurance markets: Rates continue to stabilize entering 2024

Global commercial insurance rates rose 2% in the fourth quarter of 2023, compared to 3% in the prior two quarters, according to the Marsh Global Insurance Market Index. This was the twenty-fifth consecutive quarter in which composite rates rose, continuing the longest run of increases since the inception of the index in 2012. 

Global Insurance Market Index fourth quarter 2023

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 Q4 2023

  • Property insurance rates increased 6% and experienced increases in every region except the Pacific, where rates were flat. Underwriters globally continued to scrutinize property valuations in light of ongoing inflation.
  • Casualty lines rates increased 3%; globally, insurers remained concerned with social inflation, particularly regarding continuing large jury awards in US courts.
  • Financial and professional lines rates decreased 6%. Every region experienced a decrease. US exposures — such as US listed companies for directors and officers (D&O) coverage — were again a focus of insurers. 
  • Cyber rates declined 3% globally. In regions where rates rose, the trend was for a slower pace of increase. Insurers continued to focus on cybersecurity controls, typically looking for year-over-year improvements. 

Explore regional pricing

Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US pricing

02/05/2024

Insurance rates in the fourth quarter of 2023 in the US increased by 3%.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK pricing

02/05/2024

Insurance rates in the UK were flat in the fourth quarter of 2023.
Placeholder Image

Global Insurance Market Index

Latin America and Caribbean pricing

02/05/2024

Insurance rates in the fourth quarter of 2023 in the Latin America and Caribbean (LAC) region increased 8%.

Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe pricing

Insurance rates in Europe increased 4% in the fourth quarter of 2023.

Beautiful aerial view of the Sydney Opera house by the bay in Australia. Panoramic view.

Global Insurance Market Index

Pacific pricing

Insurance rates in the Pacific region were flat in the fourth quarter 2023.
Shanghai skyline at night

Global Insurance Market Index

Asia pricing

Insurance rates in the fourth quarter of 2023 in Asia were flat.
Placeholder Image

Canada pricing

Insurance rates in Canada were flat in the fourth quarter of 2023.
Skyscrapers in Abu Dhabi, United Arab Emirates.

IMEA pricing

Insurance rates in the fourth quarter of 2023 increased 4% in the IMEA region.

Previous reports

“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”