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Global Insurance Market Index

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

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4%

Global commercial insurance prices rose by 4% in the first quarter of 2023.

22%

The pace of rate increases slowed for the eighth consecutive quarter; global composite increases peaked at 22% in the fourth quarter of 2020.

Pricing continues to stabilize; property line remains challenging

Global commercial insurance pricing rose 3% in the third quarter of 2023, the same as in the prior quarter, according to the Marsh Global Insurance Market Index.

This was the twenty-fourth consecutive quarter in which composite pricing rose, continuing the longest run of increases since the inception of the index in 2012. Increases peaked at 22% in the fourth quarter of 2020.

Composite pricing regionally ranged from a decrease of 1% in the UK and in Canada, to an increase of 10% in the Latin America and Caribbean region.

Property insurance experienced increases in every region, while cyber and financial and professional lines pricing generally decreased or showed moderating increases.  

*Note: All references to pricing and pricing movements in this report are averages, unless otherwise noted. For ease of reporting, we have rounded all percentages regarding pricing movements to the nearest whole number. 

Global Insurance Market Index Third quarter 2023

Constant bar chart represents global insurance composite pricing change.

Key highlights

Regionally, composite pricing increases for the fourth quarter were as follows:

4%

United States

3%

United Kingdom

5%

Continental Europe

8%

Latin America and the Caribbean

1%

Asia

7%

Pacific

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Panorama of Chicago

Global Insurance Market Index

US pricing

10/30/2023

Insurance pricing in the third quarter of 2023 in the US increased by 4%, the same as in the prior two quarters.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK pricing

10/30/2023

Insurance pricing in the UK declined 1% in the quarter, compared to a 1% increase in the prior quarter.
Placeholder Image

Global Insurance Market Index

Latin America and Caribbean pricing

10/30/2023

Insurance pricing in the third quarter in the Latin America and Caribbean (LAC) region increased 10%, compared to 8% in the prior quarter.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe pricing

Insurance pricing in the third quarter in Europe increased 4%, compared to 5% in the prior quarter.

January 10, 2019. Sydney, Australia. Landscape aerial view of Sydney Opera house near Sydney business center around the harbour.

Global Insurance Market Index

Pacific pricing

Insurance pricing in the Pacific region increased 1% in the third quarter, compared to 2% in the prior quarter.
beautiful nanpu bridge at dusk,crosses huangpu river,shanghai,China

Global Insurance Market Index

Asia pricing

Insurance pricing in the third quarter in Asia was flat, the same as in the prior quarter.
Placeholder Image

Canada pricing

Insurance pricing in Canada declined 1% in the third quarter, the first quarter showing a year-over-year decline since the third quarter of 2017.

Skyscrapers in Abu Dhabi, United Arab Emirates.

IMEA pricing

Pricing in the third quarter increased 3% in IMEA, where insurance rates for large and complex accounts are often driven or influenced by the reinsurance market.

Key highlights

Globally, pricing for the four major product lines were:

+10%

Property insurance

+3%

Casualty insurance

-5%

Financial and professional lines insurance

-11%

Cyber insurance

Global Insurance Market Index – 2023 Q3

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