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Global Insurance Market Index

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

GIMI Q4 2025

Global insurance rates declined 4% in the fourth quarter, the sixth consecutive quarter of declines in the Global Insurance Market Index (GIMI).

While US composite rates were flat, most other regions experienced a sharper rate decline.

Property rates declined by 9% globally, while US rates decreased by 8%, compared to 9% in Q3. The apparent moderation in US property rate declines in Q4, compared to Q3, was largely driven by renewal timing. As the proportion of catastrophe-driven placements with larger rate decreases was lower than in prior periods, the general pace of decrease slowed quarter-over-quarter.

Casualty rates increased 4% globally, up from +3% in Q3. While strong insurer competition generally drove rates downward in most regions, the US continued to see rate increases of 9% in Q4. This was particularly driven by persistent high-severity claims and large jury verdicts impacting excess casualty. While new capacity has entered the US excess casualty market, demand has outpaced supply in this segment.

Globally, clients are increasingly using captives to retain risk, a strategy that aligns with the strong results seen in the broader insurance market, though captive use may increase vulnerability to large loss events.

Financial and professional insurance rates continued to decline with decreases across all regions except the US, where rates were flat. The historical rate volatility of previous quarters has given way to steadier reductions, reflecting a more balanced marketplace.

The cyber insurance market continues to expand as rising client demand coincides with a growing frequency of cyber events. More clients are either purchasing cyber coverage for the first time or increasing their existing limits. This growth is supported by increased capital from insurers and their capital providers to address escalating risks. The influx of capacity has intensified competition, leading to rate declines across all regions.

Overall, clients continue to benefit not only from declining rates but also from opportunities to negotiate improved terms and conditions. Competition among insurers is expected to intensify. One driver, among the many, could be lower reinsurance costs. Barring an extremely large catastrophe loss, or series of losses, global rates will likely continue to trend downward.

As always, clients are encouraged to work closely with their Marsh Risk brokers to assess exposures and risk appetite, and to consider opportunities to broaden coverage in this evolving market environment.

- John Donnelly, President, Global Placement

Q4 2025

Global insurance markets: Overall rates continue to decline entering 2026

In the fourth quarter of 2025, global commercial insurance rates declined by 4%, marking the sixth consecutive quarter of rate decreases following seven years of increases, according to the Global Insurance Market Index.

This downward trend was supported by significant insurer capacity, driven by reinsurer growth and the entry of new insurers, which intensified competition and generally enabled more favorable terms and broader coverage options for clients.

Composite rate declines were observed across all regions except the US, where rates were flat after a prior quarter decrease of 1%. The Pacific region experienced the steepest composite rate decline at 12%.

By product line, property insurance rates fell 9% globally, with the Pacific region seeing the largest decrease of 14%. Financial and professional lines rates decreased by 4% globally, with declines in every region except the US, where rates were flat. Cyber insurance rates declined by 7% globally.

Outside the US, casualty rates generally declined or were flat (Latin America and the Caribbean), reflecting less litigious legal environments. Casualty insurance increased 9% in the US, largely attributable to the frequency and severity of claims, including large jury awards, with excess casualty risks experiencing higher rate hikes than primary lines.

Many clients, particularly those with strong risk profiles, used the competitive environment to negotiate improved terms, enhance coverage, and explore alternative risk transfer solutions such as self-insurance and captives.

Global Insurance Market Index fourth quarter 2025

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, Q4 2025:

Property rates declined by 9% globally, with rate movement varying by region. The Pacific region experienced the largest decrease, at 14%. All other regions declined between 5% and 12%.
Casualty rates increased by 4% globally, led by a 9% increase in the US. Latin America and the Caribbean's casualty rates were flat, while all other regions experienced decreases of 1% to 9%.
Financial and professional lines rates decreased by 4% globally, declining in every region, except the US, where rates were flat.
Cyber insurance rates decreased by 7% globally, declining in every region.

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

02/04/2026

Insurance rates in the US were flat in the fourth quarter.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/04/2026

Insurance rates in the UK declined 7% in the fourth quarter of 2025.

Global Insurance Market Index

Latin America and Caribbean insurance rates

02/04/2026

Insurance rates in the region decreased 7% in the fourth quarter.

Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

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

Global Insurance Market Index

Asia insurance rates

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

Canada insurance rates

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

Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

04/02/2026

Insurance rates in the fourth quarter decreased 10% 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 declined 4% in the fourth quarter, the sixth consecutive quarter of declines in the Global Insurance Market Index (GIMI).