Global commercial insurance rates were flat in the second quarter of 2024 (down from a 1% increase in Q1 2024) ending 26 consecutive months of increases.

This is amongst the findings of the Global Insurance Market Index released today by Marsh, which shows that the global composite rate has not increased for the first time in nearly seven years.

The continued moderation of rates was largely driven increasing competition among insurers in the global property market, the broker said.

Commenting on the report, Pat Donnelly, president, Marsh Specialty and Global Placement, Marsh, said: “We have seen the continued moderation of the global composite rate over the past few years, with a stable composite in Q2 2024, which is a positive movement for our clients. As there remains rate increases in some lines, we see significant opportunities to help clients navigate the complexity they're facing today and support their risk financing decisions.”

On average, rates decreased in Canada and the Pacific by 5% and in the UK and in Asia regions by 3%. Rates increased in the US and Europe by 1% and in the Latin America and the Caribbean and India, Middle East and Africa regions by 4%.

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