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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.

Q3 2024

Global insurance markets: First overall rate decline in 7 years

Global commercial insurance rates declined by 1% in the third quarter of 2024, the first decrease in the composite rate in seven years, according to the Marsh Global Insurance Market Index.

The UK and the Pacific regions experienced the largest composite rate decreases, at 5% and 6%, respectively. The US and the Latin America and Caribbean region experienced the highest composite rate increases, both at 3%.

Property insurance rates showed the most movement among major product lines compared to the prior quarter, while casualty insurance was the only major product line to experience an overall increase.

Global Insurance Market Index third 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, Q3 2024:

  • Property rates declined by 2% globally, with rate movement varying by region.
  • Casualty rates increased 6% globally, remaining relatively consistent regionally compared to the prior quarter, aside from the US where they increased significantly (10%) driven in large part by excess/umbrella rates.
  • Financial and professional lines rates decreased 7% globally, declining in every region.
  • Cyber insurance rates declined 6%, with declines seen in every region, as was the case in the prior quarter.

Our rates reflect the segment mix of Marsh’s client portfolio.