Global insurance prices fall 2% in Q4: Marsh

Global commercial insurance rates declined by 2% in the fourth quarter of 2024, the second consecutive decrease in the composite rate following seven years of increases, according to the Marsh Global Insurance Market Index released Wednesday.

U.S. rates were flat while the UK and the Pacific regions again saw the largest composite rate decreases, at 5% and 8%, respectively. Latin America and the Caribbean and the India, Middle East and Africa regions experienced composite rate increases, the report said.

Property insurance rates declined 3% globally while casualty insurance rates rose 4%, compared with an increase of 6% in the prior quarter. U.S. casualty rates saw the largest increase at 7%, driven largely by excess/umbrella rates, auto liability and larger jury verdicts.

The flat U.S. pricing environment for the fourth quarter compares with increases of 3% in the third quarter, 1% in the second quarter, and 3% in the first quarter, report data showed.

U.S. property rates declined 4% in the fourth quarter, compared with a 1% drop in the third quarter and increases of 2% and 8% in the second and first quarters, respectively.

The 7% fourth-quarter increase in casualty rates compared with a 10% jump in the third quarter and increases of 4% on both second- and first-quarter 2024.