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Digital report

Global Insurance Market Index

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.

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.

Q4 2023

Global insurance markets: Rates continue to stabilize entering 2024

Global commercial insurance rates rose 2% in the fourth quarter of 2023, compared to 3% in the prior two quarters, according to the Marsh Global Insurance Market Index. This was the twenty-fifth consecutive quarter in which composite rates rose, continuing the longest run of increases since the inception of the index in 2012. 

Global Insurance Market Index fourth quarter 2023

Global composite insurance rate 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

*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 2023

  • Property insurance rates increased 6% and experienced increases in every region except the Pacific, where rates were flat. Underwriters globally continued to scrutinize property valuations in light of ongoing inflation.
  • Casualty lines rates increased 3%; globally, insurers remained concerned with social inflation, particularly regarding continuing large jury awards in US courts.
  • Financial and professional lines rates decreased 6%. Every region experienced a decrease. US exposures — such as US listed companies for directors and officers (D&O) coverage — were again a focus of insurers. 
  • Cyber rates declined 3% globally. In regions where rates rose, the trend was for a slower pace of increase. Insurers continued to focus on cybersecurity controls, typically looking for year-over-year improvements. 

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

Global Insurance Market Index – 2023 Q2