Digital report

IMEA Insurance Market Rates

The Global Insurance Market Index is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the India, Middle East, and Africa (IMEA) insurance market.

Q1 2025

India, Middle East, and Africa rates decline

Insurance rates in the first quarter of 2025 decreased 4% in the IMEA region, where rates for large and complex organizations are often driven or influenced by the reinsurance market.

India, Middle East, and Africa (IMEA) first quarter 2025

IMEA property rates decline

Property insurance rates decreased 4% as demand and competition increased.

Catastrophe-exposed sectors and high-hazard industries with poor loss records — including chemical, food, waste, and recycling — faced capacity constraints and rate hikes of 10% to 25%.
Regional insurers and multinational reinsurers typically looked to expand their property portfolios across IMEA for diversification, fostering competition and a decrease in rates in the first quarter, particularly in the Middle East and Africa.

Casualty insurance composite rate flat, underwriters scrutinize US exposures

Casualty insurance rates remained flat.

Capacity-driven risks experienced rates from flat to increases of 5%, while non-complex, lower-capacity risks typically saw reductions ranging from 5% to 10%.
Rates in India, the UAE, and South Africa were stable, while Saudi Arabia experienced rates from flat to decreases of 5%.
US-based exposures significantly influenced insurer appetite and capacity deployment in the region.
The introduction of new capacity, particularly in reinsurance, contributed to a competitive environment.

Financial and professional lines rates decline, vary regionally

Financial and professional lines rates declined 6%.

Directors and officers (D&O) liability rates varied across the region: India remained flat, South Africa saw increases of 5% to 10%, and UAE and Saudi Arabia experienced decreases of 20% to 25%.
Financial institutions (FI) in the Middle East saw rate reductions of 10% to 15%, supported by increased capacity from London and Dubai. In India, FI rates remained stable, with insurers reducing capacity or deploying lower limits.
The professional indemnity (PI) market in India remained stable, South Africa experienced increases of 5% to 10%, and the Middle East experienced decreases of 15% to 20%.

Cyber insurance rates decline as capacity increases

Cyber insurance rates decreased 8%.

The Middle East experienced declines of 15% to 20% and higher, India remained stable, and South Africa saw slight increases in the range of 5% to 10%.
There was also an influx of new capacity, particularly in excess and primary layers.
In the Middle East, increased capacity was driven by new entrants, competition among insurers, and aggressive pricing. Insurers in India and South Africa were more cautious.

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

Global Insurance Market Index

23/04/2025

The Global Insurance Market Index is our proprietary measure of global commercial insurance rate change at renewal — providing insights on the world's major insurance markets.

Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

23/04/2025

Insurance rates in the first quarter of 2025 in the US declined by 1%.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

04/23/2025

Insurance rates in the UK declined 6% in the first quarter of 2025.

Global Insurance Market Index

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IMEA Insurance Market Rates