Digital report

Global Insurance Market Index

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.

GIMI Q3 2026

Global insurance rates continued to decline in the third quarter, down 5%, marking the ninth consecutive quarter of reductions amid ample capacity across nearly all regions and lines of coverage. Property remained the main driver of rate declines, falling 10%, while casualty rates increased 1%.

Market conditions remained broadly unchanged, with continued rate pressure across much of the market. A benign US hurricane season contributed to favorable underwriting results, helping sustain capacity and high levels of competition across much of the market.

Reinsurance conditions improved further during the quarter with strong insurer results and more favorable reinsurance terms supporting active market participation and adding to the availability of capacity across many lines.

Marsh’s Fast Track facility continued to support favorable outcomes for clients and greater stability for their programs.
While pricing continued to ease in many areas, outcomes still varied by line and exposure.

Global financial and professional lines and cyber continued to see rate reductions, although the pace of decline was generally more moderate than that experienced in late 2025 and early 2026, suggesting a degree of stabilization following a period of sharper decreases.

Casualty rates registered the only global rise, driven by rate increases in the US, which continues to stand apart from the global casualty market, amid continued litigation and large settlements. Conditions elsewhere remained steady.

Global property rates, which saw the largest decline across major lines of coverage, were influenced by the timing of catastrophe-exposed renewals; limited renewal activity among major wind-exposed accounts tempered the pace of property rate reductions.

Geopolitical uncertainty and broader economic concerns remain part of the operating environment, and many buyers were more inclined to retain premium savings rather than reinvesting them in additional coverage. The current environment, however, continues to present opportunities for insureds to enhance their program structures.

- John Donnelly, President, Global Placement

Q3 2026

Global insurance markets: Capacity and high levels of competition continue to drive broad rate declines

Global commercial insurance rates continued to decrease in the third quarter, going down by 5%, compared with a 6% decline in the prior quarter, according to Marsh’s Global Insurance Market Index (GIMI). This marks the ninth consecutive quarter of global composite rate decreases.

Capacity remained available across nearly all regions and lines, supported by strong insurer results, favorable reinsurance terms, new market entrants, and expanded managing general agent (MGA) capacity. In addition to reduced rates, enhanced coverage terms, higher limits, lower deductibles, and more long-term agreements were achievable. Even so, constraints persisted in some US lines, including auto, lead umbrella/excess, and high-excess directors and officers liability (D&O) layers.

Some clients used savings to increase limits, broaden coverage, reduce retentions, and restructure insurance programs. Accounts with well-documented risks and loss records viewed favorably by insurers continued to secure stronger outcomes, while US-exposed, catastrophe-exposed, and loss-affected accounts generally saw weaker results.

Underwriting scrutiny appeared to ease overall, but attention remained centered on catastrophe exposure, US casualty severity, D&O rates, and cyber exposure tied to AI, vendors, and ransomware. Early signs of rate stabilization also began to emerge.

Global Insurance Market Index third quarter 2026

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, Q3 2026:

Property rates eased for the ninth consecutive quarter, declining 10%, compared with a 12% decrease in the second quarter. Ample capacity and lower reinsurance costs affected both price and terms, including catastrophe deductible caps, higher sub-limits, and the availability of long-term agreements. There was generally less underwriting appetite for catastrophe-exposed and loss-affected risks.
Casualty rates increased 1%, compared with a 2% rise in the second quarter, driven largely by ongoing challenges in the US, the only region where casualty rates rose. US exposure remained the key differentiator globally, with higher attachments, smaller line sizes, and less rate relief even for non-US programs. Social inflation, nuclear verdicts, per- and polyfluoroalkyl substances (PFAS), and emerging liabilities saw selective underwriting, even where capacity appeared to be available.
Financial and professional lines rates decreased 3%, marking the seventeenth consecutive quarter of declines. All regions saw moderate decreases, except the US, where rates increased by 1%, the same as last quarter. Insurers showed a focus on D&O rates, although double-digit reductions were achieved in select situations. Underwriting scrutiny remained high for accounts with claims, financial stress, fiduciary/Employee Retirement Income Security Act (ERISA) litigation exposure, or weak crime controls.
Cyber insurance rates declined by 4%, the same as the prior quarter. Rates were flat in the US after an extended period of declines, while other regions continued to see reductions. Capacity continued to expand through new entrants and MGAs despite ongoing consolidation, and many buyers used the added capacity to broaden coverage and lower retentions. Underwriters remained focused on AI, vendor dependencies, privacy, and ransomware, as claim frequency stayed steady and severity continued to rise even as rates fell.

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

Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

10/21/2026

Composite insurance rates in the US decreased in the third quarter.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

10/21/2026

Insurance rates in the UK declined by 8% in the third quarter.

Global Insurance Market Index

Latin America and Caribbean insurance rates

10/21/2026

Insurance rates in the region decreased 9% in the third quarter.

Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe declined 6% in the third 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 third quarter.

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 6% in the third quarter.

Canada insurance rates

Insurance rates in Canada declined 6% in the third quarter.

Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

21/10/2026

Insurance rates in the third quarter decreased 14% in the IMEA region.

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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Global Insurance Market Index

Global insurance rates continued to decline in the third quarter, down 5%, marking the ninth consecutive quarter of reductions amid ample capacity across nearly all regions and lines of coverage. Property remained the main driver of rate declines, falling 10%, while casualty rates increased 1%.