From: Captive.com/IRMI
Global commercial insurance rates remained flat in the second quarter of 2024, according to the Global Insurance Market Index released by Marsh. This marks the first time since Q3 2017 that the global composite rate has not increased, ending a 26-quarter streak of rising rates.
The moderation of rates was largely driven by increasing competition among insurers in the global property market. Rates decreased by an average of 5 percent in Canada and the Pacific and by 3 percent in the United Kingdom and Asia. Meanwhile, rates increased by 1 percent in the United States and Europe and by 4 percent in Latin America, the Caribbean, and the India, Middle East, and Africa (IMEA) regions.
