Skip to main content
Marsh logo

Digital report

Pacific Insurance Market Rates

The Global Insurance Market Index is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the Pacific region insurance market.

Q4 2024

Pacific rates decline

Insurance rates in the Pacific region declined 8% in the fourth quarter of 2024.

Pacific fourth quarter 2024

Pacific composite insurance rate change 

Pacific property

Property rates decline for third consecutive quarter

Property insurance rates declined 8%.

  • Insurers appeared to focus on premium growth, leading to increased competition for lead positions on accounts, co-insurers offering larger line sizes on accounts they view as profitable, and oversubscription of placements.
  • Organizations that were viewed by insurers as being more likely to be affected by environmental, social, and governance (ESG) issues experienced limited changes.
  • Claims-impacted accounts faced scrutiny, with insurers reluctant to offer significant decreases.

Pacific casualty

Casualty rates decline as competition increases

Casualty insurance rates declined 2%, the first decline since the third quarter of 2016.

  • Decreases of 5% to 10% were experienced by renewals without losses, particularly for those accessing London insurers.
  • More capacity was available, increasing competition and providing insureds with lower pricing and greater choice and consistency in coverage.
  • Insurers restructured program layers to deploy available capacity and address emerging restrictions, such as those related to per- and polyfluoroalkyl substances (PFAS).
  • US-domiciled risks — especially in auto — and clients with losses faced higher premiums than others.

Pacific financial and professional lines 

Financial and professional lines rates decline, claims activity subdued

Financial and professional lines pricing decreased 12%.

  • Significant competition continued for directors and officers (D&O) liability risks.
  • Long term agreements (LTAs) were available, often including significant rate reductions.
  • Low levels of claims activity throughout 2024 contributed to stable retention levels.
    • Some large insureds with retentions above $10 million experienced reductions to $5 million or less, often without a corresponding premium impact.

Cyber insurance rates decline, clients look at increasing limits

Cyber insurance rates decreased 8%.

  • Rates typically increased only when there were significant changes in underlying risk profiles.
  • Clients increasingly looked to reinvest premium savings into higher limits, supported by limit modeling analytics.
  • Notifications related to ransomware, extortion, and fraudulent fund transfers increased, with the CrowdStrike incident prompting many notifications globally, though most clients were not severely impacted by that event.
  • Insurers enhanced their offerings and expanded risk management services, with an emphasis on LTAs and broad coverage.
  • Changes to privacy legislation and compliance in Australia introduced new requirements, such as mandatory ransomware payment reporting.
  • Although clients explored higher limits, the actual uptake of increased limits was not widely observed.

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

Regional analysis

Placeholder Image

Global Insurance Market Index

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.
Placeholder Image

Global Insurance Market Index

Latin America and Caribbean insurance rates

Insurance rates in the fourth quarter of 2024 in the LAC region increased 1%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe declined 2% in the fourth quarter of 2024.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 3% in the fourth quarter of 2024.
Placeholder Image

Global Insurance Market Index

Canada insurance rates

Insurance rates in Canada declined 2% in the fourth quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

02/05/2025

Insurance rates in the fourth quarter of 2024 increased 1% in the IMEA region.

Previous reports