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Digital report

Global Insurance Market Index Q2 2024

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.