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US Insurance Market Rates

The Global Insurance Market Index (GIMI) is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the US insurance market.

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Q1 2026

US composite rate decreases; casualty increases

Insurance rates decreased in the US in the first quarter, after being flat in the prior quarter.

US composite insurance rate change 

US property

US property insurance rates decline

Property insurance rates declined by 10%, compared to an 8% decrease in the prior quarter.

  • Catastrophe-exposed clients saw rates decline 16%; non-natural catastrophe programmes dropped 7%, driven by increased insurer capacity and competition levels.
  • Insureds with loss histories and/or loss mitigation efforts viewed unfavourably by insurers typically did not see similar rate decreases.
  • Risk managers should expect continued underwriting emphasis on loss history, data quality, and mitigation measures.
  • Insurers were generally more willing to offer policy enhancements and long-term arrangements on eligible placements.
  • Submission and valuation requirements relaxed; insurers increasingly accepted historical and alternative data sources to inform underwriting.
  • Some clients used programme savings to enhance coverage, advisory services, or resilience measures, including captives and insurance-linked securities (ILS).

US casualty

Casualty rate increases, driven by claims frequency and severity

Casualty insurance rates increased 9%, the same as in the prior quarter.

  • Excluding workers’ compensation, the rate increase was 12%.
  • Auto liability remained challenging in the face of continuing large jury verdicts, rising auto physical damage repair costs, and increasing attachment points.
  • General liability also saw increased upward pressure on rates.
    • Biometric exclusions were increasingly common.
    • Underwriters also scrutinised ethylene oxide exposures.
  • Some clients increased deductibles and self-insured retentions (SIRs) to offset premium increases.
  • In the umbrella/excess liability market, risk-adjusted rates rose 18%, compared to 19% in the fourth quarter. Some insurers capped individual risk capacity at $10 million due to an adverse US litigation environment.
    • Mid- and upper-excess layers typically experienced ongoing rate increases to cover rising frequency and severity of claims.
    • Clients seen by insurers as well-performing typically secured materially better renewal outcomes.
    • Limited capacity was available for unsupported/stand-alone umbrella coverage.
    • Insurers primarily deployed umbrella capacity to support primary casualty towers; reinsurance support remained the key determinant of limit availability for high-hazard, auto-exposed, and large corporate risks.
    • Buyers increasingly explored alternative risk transfer and captive solutions.
    • Rising claim frequency and severity — including so-called nuclear verdicts and large settlements — continued to push attachment points higher, particularly for large fleets and operations in higher-litigation states.
    • Underwriting tightened for emerging liability exposures, including per- and polyfluoroalkyl substances (PFAS) and human trafficking, leading to higher costs, increased retentions, and greater volatility, especially in real-estate programmes.

US financial and professional lines

Financial and professional lines decline

Financial and professional lines rates declined 2%.

  • Directors and officers (D&O) liability rates ranged from flat to 5% decreases.
    • Capacity tightened in some segments as certain insurers exited the market.
    • Flat renewals were common, with increases in select cases.
    • High excess layers remained challenging to place compared to previous quarters, and some insurers declined to participate in the top (ABC) layers.
    • A number of excess insurers repositioned lower in insurance programme towers.
  • Fiduciary rates rose 3%, the same as in the fourth quarter.
    • Ongoing Employee Retirement Income Security Act (ERISA) 401(k) excessive fee litigation continued to bring increases to defense costs, settlements, and plaintiff attorneys’ fees.
      • Underwriters focused on pension risk transfer and calculation-related lawsuits affecting defined benefit plans.
    • New market entrants typically offered lower retentions and proposed to write fiduciary coverage with D&O programmes.
  • Financial institutions rates decreased 1%, compared to a 2% decline in the prior quarter.

Cyber rates decrease for 12th consecutive quarter

Cyber insurance rates declined 2%, compared to 3% in the prior quarter.

  • Capacity remained stable despite some consolidation in the cyber insurer market.
  • Underwriters scrutinised aggregation risk from interconnected technologies, artificial intelligence (AI) exposure, and privacy concerns related to tracking technology usage.
  • Some insurers started using outside-in privacy compliance tools for underwriting assessments.
  • Given ongoing geopolitical tensions in the Middle East, many clients looked carefully at the potential impact of war exclusions on their cyber policies.
  • Cyber claims remained stable; privacy claims related to tracking technologies increased.

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

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Regional analysis

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Global Insurance Market Index

04/22/2026

The Global Insurance Market Index (GIMI) is our proprietary measure of global commercial insurance rate change at renewal — providing insights into the world's major insurance markets.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

04/22/2026

Insurance rates in the UK declined 8% in the first quarter.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

04/22/2026

Insurance rates in the region decreased 8% in the first quarter.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe declined 5% in the first quarter.
Beautiful aerial view of the Sydney Opera house by the bay in Australia. Panoramic view.

Global Insurance Market Index

Pacific insurance rates

Insurance rates in the Pacific region declined 12% in the first quarter.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 5% in the first quarter.
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Canada insurance rates

Insurance rates in Canada declined 6% in the first quarter.
Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

Insurance rates in the first quarter decreased 10% in the IMEA region.

Previous reports

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.

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