Commercial insurance rates in the UK fell by 8% in Q3, according to data from Marsh’s latest global insurance market index. This exceeded the 5% fall recorded globally and was the ninth consecutive quarterly drop noted by the index.

The UK market softened faster than other markets. Canada, Europe and Asia were down by 6% in Q3 while the US slipped by 1%.

UK property rates fell by 11% in Q3, while smaller dips were registered in casualty, cyber and financial and professional lines.

John Donnelly, president, global placement at Marsh Risk, said: “Geopolitical uncertainty and broader economic concerns remain part of the operating environment and many insurance buyers were more inclined to retain premium savings rather than reinvesting them in additional coverage.

“The current environment continues to present opportunities for insureds to enhance their program structures and examine alternative strategies to manage risk.”