Global commercial insurance rates fell, on average, by 4% in the fourth quarter of 2025, marking the sixth consecutive quarter of rate decreases following seven years of increases, according to the latest Global Insurance Market Index (GIMI) released by Marsh Risk, a business of Marsh and the world’s leading insurance broker and risk advisor.

This downward trend was supported by significant insurer capacity, driven by reinsurer growth and the entry of new insurers, which intensified competition and generally enabled more favorable terms and broader coverage options for clients.

Composite rate declines were observed across all regions except the US, where rates were flat after a prior quarter decrease of 1%. The Pacific region experienced the steepest composite rate decline at 12%.

By product line, property insurance rates fell 9% globally, with the Pacific region seeing the largest decrease of 14%. Financial and professional lines rates decreased by 4% globally, with declines in every region except the US, where rates were flat. Cyber insurance rates declined by 7% globally.

Growing competition among insurers, coupled with a favorable loss environment and reinsurance pricing, were the primary drivers for the rate decline along with increased market capacity.

With the exception of the US, all global regions experienced year-over-year composite rate decreases in Q4 2025, the report said.

Other findings included:
 

• Property rates declined by 9% globally, following an 8% decline in Q3. Four regions – the Pacific (14%), LAC (12%), IMEA (11%), and the UK (10%) – recorded double-digit decreases, while the US, Canada, and Europe declined by 8%, and Asia by 5%.
• Casualty rates increased 4% globally – up from a 3% increase in Q3 – which was driven by a 9% increase in the US (8% in Q3) due largely to the continued concerns among insurers about the frequency and severity of casualty claims, many of which are characterized by large (so-called “nuclear”) jury awards.
• Financial and professional lines rates decreased by 4% globally in the fourth quarter, compared to a 5% decrease in Q3. Rate declines were recorded across most regions – barring the US – ranging from 11% in IMEA to 5% in the UK and Canada. Financial and professional insurance rates in the US were flat as compared to a 2% decline in Q3.
• Cyber insurance rates decreased by 7% globally, with declines seen in every region ranging from 14% in LAC to 3% in the US.

“The global insurance market has been characterized by ample capacity across most lines and regions over the last six quarters. In the absence of unforeseen circumstances we expect this trend to continue throughout 2026. This year, clients have the opportunity to secure reduced premium rates and negotiate broader terms which may include improving the resilience of their programs to cater for the increasing complexity of risks”, commented John Donnelly, President, Global Placement, Marsh Risk.
 

The report can be found here.