Global insurance rates fell by an average of 6% in the second quarter of 2026, according to Marsh’s latest Global Insurance Market Index. The decline followed a 5% drop in the first quarter and marked the eighth straight quarter of falling rates.
Property insurance led the decline, with rates down 12% globally. Casualty pricing moved in the other direction, rising 2%, driven mainly by continued pressure in the US market.
Marsh said rate reductions continued across major product lines as insurers competed more aggressively for business. Strong underwriting profits, excess capital, lower reinsurance costs and higher investment returns all added pressure on pricing. Buyers in many markets found broader terms, lower deductibles and more room to negotiate.
Every global region recorded a year-over-year composite rate decrease in Q2 2026. India, the Middle East and Africa saw the steepest fall, with rates down 16%. The Pacific region followed with a 13% decrease, while Latin America and the Caribbean fell 9%.
Rates declined 8% in the UK, 7% in Canada, 6% in Europe and 5% in Asia. The US composite rate fell 2% in Q2 after a 1% decline in Q1.
John Donnelly, president of Global Placement at Marsh Risk, said insurers in many markets are competing on more than price. They are also offering broader cover, expanded policy terms and lower deductibles.
He said economic uncertainty has led many buyers to keep premium savings, though many organizations are still investing in alternative risk strategies, including captives.
Property rates fell 12% globally, after 9% decreases in both Q1 2026 and Q4 2025. Five regions recorded double-digit declines. India, the Middle East and Africa fell 19%, the Pacific declined 15%, Latin America and the Caribbean dropped 14%, the US fell 13% and the UK declined 11%.
Europe recorded a 9% fall in property rates. Canada declined 8%, and Asia fell 5%.
Casualty rates increased 2% globally, easing from a 3% rise in Q1. Every region reported casualty rate decreases except the US, where rates rose 7% after a 9% increase in the previous quarter.
US-exposed casualty risks continued to face tighter underwriting review and pricing pressure. Capacity remained available, but insurers became more selective. Risk quality and program structure mattered more.
Financial and professional lines rates fell 3% globally, compared with a 5% decline in Q1. Marsh said market conditions continued to stabilize after an extended run of rate cuts, with underwriters taking a more selective approach.
All regions recorded reductions except the US, where rates rose 1% after a 2% decrease in the previous quarter.
Cyber insurance rates fell 4% globally, marking the twelfth consecutive quarter of declines. The drop followed a 5% decrease in Q1. India, the Middle East and Africa recorded the largest cyber rate decline at 14%. Other regional reductions ranged from 10% in Latin America and the Caribbean to 2% in the US.
