Global commercial insurance rates were up by 1% in Q1 2024 according to the Global Insurance Market Index from Marsh. This was down from the 2% increase in Q4 2023. The overall rise hides a mixed picture.

On average, rates declined in the UK, Asia, Pacific, Canada and in India, Middle East & Africa regions by 2%. Rates increased in the US and Europe by 3%, and in Latin America and the Caribbean by 5%.

Pat Donnelly, president, Marsh Specialty and Global Placement, Marsh, said: “A continued moderation in insurance rates, and an increased appetite among insurers particularly for well-managed risks, will be welcomed by clients that continue to face major global economic and geopolitical uncertainty.”