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- (Danish)
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Q2 2024
Global insurance markets: Global rate flat for first time in 27 quarters
Global commercial insurance rates were flat in the second quarter of 2024, the first time in nearly seven years — since the third quarter of 2017 — that the composite rate did not show an increase, according to the Marsh Global Insurance Market Index. The composite rate declined or moderated in every region but one — India, Middle East, and Africa (IMEA).
Global Insurance Market Index second quarter 2024
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, Q2 2024:
- Property insurance rates globally were flat, declining, or moderating in every region except IMEA. Property insurers and insureds alike are watching the Atlantic hurricane season, which is predicted to generate an above average number of named storms.
- Casualty lines rates increased 3% globally; Canada and Asia showed declines while the UK and IMEA were flat. Insurers remained concerned with large jury awards in US courts.
- Financial and professional lines rates decreased 5% globally, declining in every region. In the US, UK, Canada, and Europe, the pace of decreases slowed compared to the prior quarter, while accelerating elsewhere.
- Cyber insurance rates declined 6%, with declines seen in every region. Insurers continued to focus on cybersecurity controls, typically looking for year-over-year improvements.
Explore regional pricing
Global Insurance Market Index
US insurance rates
07/24/2024
Insurance rates in the second quarter of 2024 in the US increased 1%.
Global Insurance Market Index
UK insurance rates
07/24/2024
Insurance rates in the UK declined 3% in the second quarter of 2024.
Global Insurance Market Index
Europe insurance rates
Insurance rates in Europe increased 1% in the second quarter of 2024.
Global Insurance Market Index
Pacific insurance rates
Insurance rates in the Pacific region declined 5% in the second quarter of 2024.
Global Insurance Market Index
Asia insurance rates
Insurance rates in Asia declined 3% in the second quarter of 2024.
Key highlights
Globally, pricing for the four major product lines were: