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
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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
Global Insurance Market Index
US pricing
02/05/2024
Insurance rates in the fourth quarter of 2023 in the US increased by 3%.
Global Insurance Market Index
UK pricing
02/05/2024
Insurance rates in the UK were flat in the fourth quarter of 2023.
Global Insurance Market Index
Europe pricing
Insurance rates in Europe increased 4% in the fourth quarter of 2023.
Global Insurance Market Index
Pacific pricing
Insurance rates in the Pacific region were flat in the fourth quarter 2023.
Global Insurance Market Index
Asia pricing
Insurance rates in the fourth quarter of 2023 in Asia were flat.
