Q4 2024
Global insurance markets: Overall rates decline for second consecutive quarter
Global commercial insurance rates declined by 2% in the fourth quarter of 2024, the second consecutive decrease in the composite rate following seven years of increases, according to the Marsh Global Insurance Market Index.
The UK and the Pacific regions again experienced the largest composite rate decreases, at 5% and 8%, respectively, while US rates were flat. Latin America and the Caribbean and the India, Middle East, and Africa (IMEA) region experienced composite rate increases.
Property insurance rates globally declined 3%. Casualty insurance rates again were the only major coverage line to show an increase globally, rising 4%, compared to an increase of 6% in the prior quarter.
Global Insurance Market Index fourth quarter 2024
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 2024:
- Property rates declined by 3% globally, with rate movement varying by region. The Pacific region experienced the largest decrease, at 8%; the US and UK declined 4%; while Canada, Latin America and the Caribbean, and Asia all saw low single-digit decreases.
- Casualty rates increased 4% globally, following an increase of 6% in the prior quarter. US casualty rates saw the largest increase at 7%, driven largely by excess/umbrella rates. Latin America and the Caribbean experienced a 5% increase; all other regions ranged from 2% declines to 1% increases.
- Financial and professional lines rates decreased 6% globally, declining in every region.
- Cyber insurance rates declined 7%, with declines seen in every region.
Our rates reflect the segment mix of Marsh’s client portfolio.
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Global Insurance Market Index
US insurance rates
05/02/2025
Insurance rates in the fourth quarter of 2024 in the US were flat.
Global Insurance Market Index
UK insurance rates
02/05/2025
Insurance rates in the UK declined 5% in the fourth quarter of 2024.
Global Insurance Market Index
Europe insurance rates
Insurance rates in Europe declined 2% in the fourth quarter of 2024.
Global Insurance Market Index
Pacific insurance rates
Insurance rates in the Pacific region declined 8% in the fourth quarter of 2024.
Global Insurance Market Index
Asia insurance rates
Insurance rates in Asia declined 3% in the fourth quarter of 2024.
