Q3 2024
Global insurance markets: First overall rate decline in 7 years
Global commercial insurance rates declined by 1% in the third quarter of 2024, the first decrease in the composite rate in seven years, according to the Marsh Global Insurance Market Index.
The UK and the Pacific regions experienced the largest composite rate decreases, at 5% and 6%, respectively. The US and the Latin America and Caribbean region experienced the highest composite rate increases, both at 3%.
Property insurance rates showed the most movement among major product lines compared to the prior quarter, while casualty insurance was the only major product line to experience an overall increase.
Global Insurance Market Index third quarter 2024
1022168766
Global composite insurance rate change
Key highlights
Regionally, composite pricing increases for the fourth quarter were as follows:
*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 2024:
- Property rates declined by 2% globally, with rate movement varying by region.
- Casualty rates increased 6% globally, remaining relatively consistent regionally compared to the prior quarter, aside from the US where they increased significantly (10%) driven in large part by excess/umbrella rates.
- Financial and professional lines rates decreased 7% globally, declining in every region.
- Cyber insurance rates declined 6%, with declines seen in every region, as was the case in the prior quarter.
Our rates reflect the segment mix of Marsh’s client portfolio.
Explore regional pricing
Global Insurance Market Index
US insurance rates
10/24/2024
Insurance rates in the third quarter of 2024 in the US increased 3%.
Global Insurance Market Index
UK insurance rates
10/24/2024
Insurance rates in the UK declined 5% in the third quarter of 2024.
Global Insurance Market Index
Europe insurance rates
Insurance rates in Europe were flat in the third quarter of 2024.
Global Insurance Market Index
Pacific insurance rates
Insurance rates in the Pacific region declined 6% in the third quarter of 2024.
Global Insurance Market Index
Asia insurance rates
Insurance rates in Asia declined 4% in the third quarter of 2024.
Key highlights
Globally, pricing for the four major product lines were: