Digital report

IMEA Insurance Market Rates

The Global Insurance Market Index is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the India, Middle East, and Africa (IMEA) insurance market.

Q4 2024

India, Middle East, and Africa rates increase

Insurance rates in the fourth quarter of 2024 increased 1% in the IMEA region, where rates for large and complex organizations are often driven or influenced by the reinsurance market.

India, Middle East, and Africa (IMEA) fourth quarter 2024

IMEA property rates increase

Property insurance rates increased 3%.

Where rates increased at renewal, the primary drivers were higher reinsurance and capital costs in catastrophe-exposed portfolios, heightened demand for capacity, and ongoing loss activity from floods in the United Arab Emirates (UAE) and significant losses in Saudi Arabia, India, and Africa.
Non-catastrophe-exposed portfolios in India experienced rate reductions of up to 40% due to a de-tariff implemented in the third quarter.
Saudi Arabia experienced rate decreases of approximately 10%, while South Africa saw minor increases of up to 5%.
In contrast, the UAE continued to see rate increases of 10% to 15% due to flooding losses.
Catastrophe-exposed sectors and high-hazard industries including chemical, food, waste, and recycling faced capacity constraints and rate hikes of up to 25%.
Insurers sought to impose strict terms and conditions, including natural catastrophe aggregates, deductibles, limitations on contingent business interruption (CBI) extensions, and increased scrutiny of cyber coverage and terrorism-related risks.
Regional players and multinational reinsurers are eager to expand their property portfolios across IMEA.

Casualty insurance lines rates increase, US exposure a factor

Casualty insurance rates increased 1%.

Capacity-driven risks saw modest increases of up to 5%, while non-complex, lower-capacity risks experienced reductions of 5% to 10%.
Rates in India, the UAE, and South Africa remained stable, while Saudi Arabia experienced increases up to 5%.
US exposures significantly influenced appetite and capacity deployment.
New capacity in the region, particularly in reinsurance, fostered competition, while insurers remained cautious regarding loss-impacted and heavily exposed risks, leading to increased underwriting information requirements.
Various insurers in India and the Middle East implemented growth strategies, intensifying competition, while the African market remained stable.

Financial and professional lines rates decline; regional variances

Financial and professional lines rates declined 5%.

Directors and officers (D&O) liability insurance rates varied by region:
- India experienced decreases ranging from 5% to 10%.
- South Africa experienced increases ranging from 10% to 15%.
- The UAE and Saudi Arabia saw average decreases ranging from 15% to 20%.
South Africa is seeing efforts to reprice historically underpriced coverage.
Financial institution rates in the Middle East decreased by 10% to 15%, with increased capacity from London and Dubai; rates in South Africa and India remained stable, with insurers adjusting capacity on layered programs.
The professional indemnity market in India remained stable; South Africa and the Middle East saw decreases of 5% to 10% and 10% to 15%, respectively.

Cyber insurance rates continue to decline

Cyber insurance rates decreased 18%.

The Middle East experienced declines of over 37%, India remained stable, and South Africa saw increases of 15% to 20%.
Incumbent insurers sought to retain clients and new capacity, particularly in excess and primary layers, entered the market.
In the Middle East, increased capacity from new entrants and competitive pricing was evident; insurers in India and Africa have been more cautious, but a shift in approach was beginning to emerge.

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

Global Insurance Market Index

02/05/2025

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.

Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

02/05/2025

Insurance rates in the fourth quarter of 2024 in the US were flat.

Skyline of London over Tower Bridge on the Thames

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

IMEA Insurance Market Rates