Global commercial insurance rates fell 1% in the third quarter of 2024, the first time the index has recorded a quarterly decline since the third quarter of 2017, according to the Global Insurance Market Index released by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan.

On average, rates decreased in the Pacific by 6%, in the UK by 5%, in Asia by 4%, in Canada by 3%, and in the India, Middle East, and Africa region by 2%. Rates increased by 3% in the US and in the Latin America and the Caribbean (LAC) region, and were flat in Europe.

According to the findings, property insurance rates globally fell 2%, after being flat in Q2 2024 and experiencing a 3% increase in Q1 2024. Casualty lines rates increased 6% globally, having risen by 3% in each of the previous seven quarters, largely driven by concerns around large jury awards in US courts. Financial and professional lines rates decreased by 7% globally — the ninth consecutive quarter of declines — with rate decreases recorded in every region. Cyber insurance rates decreased 6% globally – the same rate of decrease as the previous two quarters – with decreases in every region.

“In the third quarter, for the first time in seven years, we saw a decline in the global composite rate, with three of the four major product lines experiencing a decrease, which is a positive development for our clients. We are watching the markets closely for any impacts from the recent devastating storms during the North American hurricane season, and continue to offer support to our clients and the broader communities affected by them”, says Pat Donnelly, President, Marsh Specialty and Global Placement, Marsh.