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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.

Q4 2023

Global insurance markets: Rates continue to stabilise 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

*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 scrutinise 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. 

Explore regional pricing

Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US Insurance Rates | Q4 2023

02/01/2024

Insurance rates in the fourth quarter of 2023 in the US increased by 3%.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/01/2024

Insurance rates in the UK were flat in the fourth quarter of 2023.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

10/29/2023

Insurance rates in the fourth quarter of 2023 in the Latin America and Caribbean (LAC) region increased 8%.

Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 4% in the fourth quarter of 2023.

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 were flat in the fourth quarter 2023.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in the fourth quarter of 2023 in Asia were flat.

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Canada insurance rates

Insurance rates in Canada were flat in the fourth quarter of 2023.
Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

10/29/2023

Insurance rates in the fourth quarter of 2023 increased 4% in the IMEA region.