Global commercial insurance rates remained flat in the second quarter of 2024, marking the end of a 26-quarter increase streak, according to Marsh’s Global Insurance Market Index. The report indicates that increased competition among insurers in the property market largely contributed to this stabilization. While rates decreased by 5% in Canada and the Pacific and by 3% in the UK and Asia, they rose by 1% in the US and Europe, with higher increases in Latin America and the Caribbean regions. Marsh noted that property insurance rates were overall flat, but casualty lines experienced a continued 3% increase globally, as insurers remain cautious about significant jury awards in US courts.
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