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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 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.

Q1 2024

Global insurance markets: Rates continue to moderate

In the first quarter of 2024, global commercial insurance rates rose 1%, compared to a 2% increase in the prior quarter, according to the Marsh Global Insurance Market Index. In most global regions, the composite rate declined, continuing a three-year trend of moderation in the pace of rate increases.

Global Insurance Market Index first quarter 2024

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, Q1 2024:

  • Property insurance rates increased 3%, with the highest increases in the US and reductions in Asia and in the India, Middle East, and Africa region.
  • Casualty lines rates increased 3%; the same as in the prior quarter. Globally, insurers remained concerned with continuing large jury awards in US courts.
  • Financial and professional lines rates decreased 7%, compared to 6% in the prior quarter as 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 continued to decline, falling 6% globally and with decreases in every region. Insurers continued to focus on cybersecurity controls, typically looking for year-over-year improvements. 

Explore regional pricing

Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

04/24/2024

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

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

Previous reports