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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.

4%

Global commercial insurance prices rose by 4% in the first quarter of 2023.

22%

The pace of rate increases slowed for the eighth consecutive quarter; global composite increases peaked at 22% in the fourth quarter of 2020.

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

Key highlights

Regionally, composite pricing increases for the fourth quarter were as follows:

4%

United States

3%

United Kingdom

5%

Continental Europe

8%

Latin America and the Caribbean

1%

Asia

7%

Pacific

*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.

Explore regional pricing

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Global Insurance Market Index

US Pricing: Increases Continue, Led by Cyber

Insurance pricing in the third quarter of 2021 in the US increased 14%, year-over-year.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

07/24/2024

Insurance rates in the UK declined 3% in the second quarter of 2024.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

07/24/2024

Insurance rates in the second quarter of 2024 in the LAC region increased 4%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 1% in the second quarter of 2024.

Global Insurance Market Index

Motion speed lighting in the city

Global Insurance Market Index

Asia Pricing: Property Increases Moderate

Insurance pricing in the third quarter of 2021 in Asia increased 6% year-over-year.
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Canada insurance rates

Insurance rates in Canada declined 5% in the second quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

Insurance rates in the second quarter of 2024 increased 4%.

Key highlights

Globally, pricing for the four major product lines were:

+10%

Property insurance

+3%

Casualty insurance

-5%

Financial and professional lines insurance

-11%

Cyber insurance

Previous reports