Marsh has reported that global commercial insurance rates fell by 1% in the third quarter of 2024. This is the first time its Global Insurance Market Index has recorded a fall since Q3 2017. The research showed that rates fell by 5% in the UK.

Pat Donnelly, president of Marsh Specialty and Global Placement, Marsh, said: “In the third quarter, for the first time in seven years, we saw a decline in the global composite rate, with three of the four major product lines experiencing a decrease, which is a positive development for our clients.

“We are watching the markets closely for any impacts from the recent devastating storms during the North American hurricane season.”