Skip to main content
Marsh logo

Digital report

US Insurance Market Rates

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

23/04/2024

Q1 2024

US property insurance rates continue to increase, cyber declines

Insurance rates in the first quarter of 2024 in the US increased by 3%, the same as in the prior quarter.

US first quarter 2024

US composite insurance rate change 

US property

US property insurance rates increase, but stabilize

Property insurance rates increased by 8%.  

  • Many companies were able to secure additional limits in higher layers and improve coverage as competition increased and rate increases have leveled off.
  • Strong insurer financial results and additional reinsurance market supply led to increased insurer appetite.
  • Companies with concentrations of assets in catastrophe (CAT) zones — such as the Gulf of Mexico, Atlantic coast, and California — that had experienced higher rate increases in recent years have begun to see lower increases or even decreases.
  • Underwriters continued to scrutinize CAT deductibles and limitations of cover for non-physical damage, cyber, and communicable disease.
  • Insureds continued to increase retentions and adopt alternative risk transfer such as captives, parametric, or structured solutions.

US casualty

Casualty rates increase, auto liability remains challenging

Casualty insurance rates increased 4%; excluding workers’ compensation, the increase was 7%.  

  • Casualty markets remained competitive, particularly for workers’ compensation.
  • Auto liability remained challenging, with large jury awards and increasing costs for repairs.
  • Excess liability rates increased 9%, compared to 7% in the prior quarter.
    • Insurers continue to scrutinize capacity deployed on individual risks.
    • Limit reductions accelerated in the first quarter.
    • Insureds with adverse loss development and exposure concerns tended to experience far-reaching changes to their programs, including limit, attachment point, coverage, and rate.   
  • Underwriters continued to focus on such areas as per- and polyfluoroalkyl (PFAS) substances, biometrics, and mass shootings.

US financial and professional lines

D&O rates continue to decrease

Financial and professional lines rates decreased 5%.

  • Directors and officers (D&O) liability insurance for publicly traded companies declined 8%; the same as in the prior quarter.
    • Rate decreases stabilized, especially for programs with significant decreases previously.
    • Many insurers moved off high excess D&O layers in favor of side A or lower layers, such as primary and first excess.
    • Some insurers sought to draw on their overall relationships in order to expand participation in D&O programs.
  • Fiduciary rates increased 1% as Employee Retirement Security Act (ERISA) 401k plan excessive fee litigation continued to drive losses.
    • Insurers are monitoring two lawsuits in which the same theories that have been applied to excessive fee litigation are being used in regard to health plans and pharmacy benefit managers (PBMs).
    • Insurers sought minimum retentions in the $5 million to $10 million range for larger plans.
  • Errors and omissions (E&O) rates decreased slightly.
  • Financial institutions (FIs) rates increased slightly.

Cyber rates decline for fourth consecutive quarter

Cyber insurance rates decreased 6% in the quarter.

  • Ransomware attacks increased in frequency, sophistication, and severity; evolving privacy regulations also led to increased claims.
  • From a claims perspective, data encryption, data exfiltration, and business interruption continued to have the most impact on organizations of all sizes and across industries.
  • Excess rate reductions continued to drive down total program pricing due to the availability of excess capacity. 

Regional analysis

City Light Trails

Global Insurance Market Index

Global Insurance Market Index

04/24/2024

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.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

04/24/2024

Insurance rates in the UK declined 2% in the first quarter of 2024.
Placeholder Image

Global Insurance Market Index

Latin America and Caribbean insurance rates

04/24/2024

Insurance rates in the first quarter of 2024 in the Latin America and Caribbean (LAC) region increased 5%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 3% in the first quarter of 2024.
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 2% in the first quarter of 2024.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in the first quarter of 2024 in Asia declined 2% after being flat for the three prior quarters.
Placeholder Image

Canada insurance rates

Insurance rates in Canada declined 2% in the first quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

Insurance rates in the first quarter of 2024 declined 2% in the IMEA region.

Previous report