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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 insurance market.

Q3 2024

Pacific rates decline

Insurance rates in the Pacific region declined 6% in the third quarter of 2024.

Pacific third quarter 2024

Pacific composite insurance rate change 

Pacific property

Property rates decline for second consecutive quarter

Property insurance rates declined 6%.

  • Competition increased, including among domestic insurers, with medium-sized clients generally attracting insurer interest.
  • Long-term agreements (LTAs) continued to be offered to many clients; some included reductions in year two.
  • Claims-impacted and catastrophe (CAT)-exposed organisations typically continued to experience rate increases.

Pacific casualty

Casualty rates flat

Casualty insurance rates were flat in the third quarter.

  • Insurer capacity generally increased.
  • Underwriters continued to scrutinize areas of concern including per- polyfluoroalkyl substances (PFAS); US-domiciled risks, particularly auto liability; and organisations with losses.

Pacific financial and professional lines 

Financial and professional lines rates decline

Financial and professional lines pricing decreased 14%.

  • Decreases in directors and officers (D&O) liability insurance rates were experienced by many clients.
    • Rate reductions for public D&O were steeper compared to private D&O.
    • There was strong competition among legacy insurers and new market entrants.
    • D&O liability claims activity remained low.
  • Capacity for all financial and professional lines remained plentiful; however, it was more difficult to renew with broader coverage and lower retentions.
  • LTAs were offered in many cases.

Cyber insurance rates continue to decline

Cyber insurance rates decreased 11%.

  • Cyber capacity remained ample, and competition on primary and lower attachments drove rate reductions.
  • Insurers demonstrated willingness to negotiate on critical suppliers and various coverages within cyber policies, including betterment, business interruption, and “bricking” rates, which refers to hardware that requires replacement after an event.
  • LTAs were offered in some cases.
  • Underwriters focused on supply chain risk, privacy regulations, and ransomware.
  • Some clients increased their limits.
  • Financial exposure from a cyber event remained a point of discussion during underwriting meetings.

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

Regional analysis

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Global Insurance Market Index

Global Insurance Market Index

10/24/2024

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.
Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates

10/24/2024

Insurance rates in the third quarter of 2024 in the US increased 3%.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

10/24/2024

Insurance rates in the UK declined 5% in the third quarter of 2024.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

Insurance rates in the third quarter of 2024 in the LAC region increased 3%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe were flat in the third quarter of 2024.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 4% in the third quarter of 2024.
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Global Insurance Market Index

Canada insurance rates

Insurance rates in Canada declined 3% in the third quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

10/24/2024

Insurance rates in the IMEA region decreased 2% in the third quarter of 2024.

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