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US Insurance Market Rates

The Global Insurance Market Index (GIMI) is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the US insurance market.

Q2 2026

US composite rate down 2%; casualty and financial lines register increases

Insurance rates in the US decreased in the second quarter, following a 1% decrease in the first quarter.

US composite insurance rate change

US property

US property insurance rates decrease amid high capacity and competition levels

Property insurance rates declined by 13%, the eighth consecutive quarter of decreases.

Catastrophe-exposed programs greater than US$1 million in premium saw rates decline by 20% while rates for non-catastrophe programs less than US$1 million in premium dropped 10%.
Global capacity and high levels of competition, including in some higher-risk sectors, continued to broaden placement options as capacity expanded.
Underwriters generally eased levels of scrutiny and offered policy enhancements to win business.
While coverage options have broadened and become more flexible, insurers remained cautious in relation to catastrophe and complex exposures. Cyber exclusions remained largely in place.
Submission and valuation requirements were lowered, with insurers increasingly willing to rely on historical data and alternative information sources to inform underwriting.
Some clients actively pursued cost-efficient structural, coverage, and capacity solutions to control their expenses. Growing optionality enabled program redesign and supported cost management, though loss-affected accounts and those with less comprehensive risk management data continued to see more differentiated outcomes.

US casualty

Casualty rates continue to increase

Casualty insurance rates increased by 7%, compared to a 9% increase in the two prior quarters. US casualty rates have registered continuous increases since 2019.

Excluding workers’ compensation, rates increased by 11%.
Workers’ compensation continued to see the most capacity and highest levels of competition.
Auto liability remained challenging, mainly due to ongoing loss experience, with double-digit rate increases common.
- Capacity remained constrained, as insurers were selective, although there was a possibility for outcome improvements when auto was packaged with attractive supporting lines, mainly workers’ compensation.
Some clients selected higher retentions to offset premium increases and manage the total cost of their programs.
Risk-adjusted umbrella/excess rates rose 15%, compared to 18% in the first quarter, while absolute umbrella/excess rates increased 11%.
- Some insurers capped individual risk capacity at US$10 million due to exposure to an adverse US litigation environment. Capacity for unsupported and stand-alone umbrella placements was constrained.
- Mid- and upper-excess layer increases were generally more moderate.
- Umbrella capacity was primarily deployed to support primary casualty towers.
- Reinsurance support remained a key driver of limit availability for risks with high-hazard, auto exposure, and large corporate risks.
- Rising claim frequency and severity — including for so-called nuclear verdicts and large settlements — continued to push attachment points higher, particularly for large fleets and operations in high-litigation states.
- Underwriting tightened around emerging exposures, including ultra-processed foods, per- and polyfluoroalkyl substances (PFAS), and human trafficking, contributing to higher costs and retentions and driving volatility, notably for real estate programs.
- Clients with strong loss performance, transparent data, and demonstrable risk controls were generally able to secure better outcomes. Some clients reassessed their limits in view of the increased costs and explored alternative risk transfer solutions and captives to manage pricing, volatility, and limits.

US financial and professional lines

Financial and professional lines increase

Financial and professional lines rates increased by 1%, compared to a 2% decline in the prior quarter.

Directors and officers (D&O) liability rates increased by 1%, following a 3% decline in the prior quarter.
- Some insurers reduced capacity in response to rate decreases.
- Flat renewals were common in the absence of high levels of claims activity or recent transactions.
- Insurers revisited their appetite for large-cap risks.
- High excess layers remained challenging to place, and some insurers declined to participate in the top (ABC) layers. Placing large towers often required approaching additional insurers.
- Insurer interest in Side A layers remained, with insurers open to move down programs.
Fiduciary rates rose 4%, compared to a 3% increase in the first quarter.
- Ongoing Employee Retirement Income Security Act (ERISA) 401(k) excessive fee litigation and emerging claims theories continued to drive rising defense costs and plaintiff attorneys’ fees.
- Developments in health plan oversight cases could lead to an increase in claims.
- Many insurers sought class action retentions of at least US$1 million for larger plans.
- Underwriters remained focused on pension risk transfer and calculation-related lawsuits affecting defined benefit plans.
- New market entrants typically offered lower retentions and proposed bundling fiduciary and D&O lines.
Financial institutions rates decreased 1%, the same as in the first quarter.

Cyber rates decrease amid stable capacity

Cyber insurance rates declined 2%, the same as the prior quarter. US cyber rates have been declining since the second quarter of 2023.

Capacity remained stable despite multiple cyber market consolidations over the past year. Securing rate reductions increasingly required approaching a broader group of insurers.
Some insurers included clarifying artificial intelligence language, with most asking questions on AI exposure, use, and controls or protections.
Third-party software and vendor risks were among the top concerns following high-profile incidents.
Data breach claim volume remained stable. Non-breach privacy claims increased due to expanded privacy rights and regulations, which are being monitored closely by insurers.

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

Global Insurance Market Index

07/22/2026

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.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

07/22/2026

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

Global Insurance Market Index

Latin America and Caribbean insurance rates

07/22/2026

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

Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe declined 6% in the second 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 13% in the second quarter.

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 5% in the second quarter.

Canada insurance rates

Insurance rates in Canada declined 7% in the second quarter.

Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

Insurance rates in the second quarter decreased 16% 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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US Insurance Market Rates