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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.

Q2 2024

Global insurance markets: Global rate flat for first time in 27 quarters

Global commercial insurance rates were flat in the second quarter of 2024, the first time in nearly seven years — since the third quarter of 2017 — that the composite rate did not show an increase, according to the Marsh Global Insurance Market Index. The composite rate declined or moderated in every region but one — India, Middle East, and Africa (IMEA).

Global Insurance Market Index second 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, Q2 2024:

  • Property insurance rates globally were flat, declining, or moderating in every region except IMEA. Property insurers and insureds alike are watching the Atlantic hurricane season, which is predicted to generate an above average number of named storms.
  • Casualty lines rates increased 3% globally; Canada and Asia showed declines while the UK and IMEA were flat. Insurers remained concerned with large jury awards in US courts.
  • Financial and professional lines rates decreased 5% globally, declining in every region. In the US, UK, Canada, and Europe, the pace of decreases slowed compared to the prior quarter, while accelerating elsewhere.
  • Cyber insurance rates declined 6%, with declines seen in every region. Insurers continued to focus on cybersecurity controls, typically looking for year-over-year improvements.

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”