Property rates in India experienced decreases between 15% to 25%.Catastrophe-exposed and high-hazard sectors (chemical, food, waste, recycling) faced declines of up to 20% in India; insureds in other regions generally saw declines of 10% to 15%.Cyber insurance rates in India saw sharper decreases of 10% to 15%
Dubai:Insurance rates in the fourth quarter decreased 10% in the India, Middle East, and Africa(IMEA) region, where rates for large and complex organizations were often impacted by the reinsurance market, said Marsh, the largest global re/insurance in its Global Insurance Market Index.
Property rates decline, with regional variation
Property insurance rates decreased 11%.
Property rate declines were generally driven by increased capacity and competition.
The Middle East and Africa saw rate declines ranging from 5% to 15%; India experienced decreases between 15% to 25%.
Catastrophe-exposed and high-hazard sectors (chemical, food, waste, recycling) faced declines of up to 20% in India; insureds in other regions generally saw declines of 10% to 15%.
Regional and multinational reinsurers expanded their presence across IMEA,intensifying competition, particularly in the Middle East and Africa.
Casualty insurance rates decline
Casualty insurance rates decreased 5%.
Casualty rates declined 5% on average, with regional variations. Casualty rates in India ranged from flat to decreases of up to 20%; rates in Saudi Arabia ranged from flat to decreases of up to 10%.
Rates in South Africa and the United Arab Emirates remained stable.US exposures influenced regional appetite and capacity. Financial and professional lines rates decline, with regional variation Financial and professional lines rates declined 11% overall.
Directors and officers (D&O) liability rates decreased 20% to 25% in India; and 15% to 20% in the UAE and Saudi Arabia. D&O rates were stable in South Africa.
Financial institutions rates declined 5% to 10% in the Middle East, driven by increased capacity from London and Dubai; rates in India declined 15% to 20%.
Professional indemnity rates were stable in South Africa, while declining 15% to 20% in India and 10% to 15% in the Middle East.
Cyber insurance rates decline as capacity increases
Cyber insurance rates decreased 8% on average.The Middle East experienced declines between 5% and 10%, while India saw sharper decreases of 10% to 15%.Rates in South Africa were flat to increases of 5%.
Middle East capacity growth was driven by new entrants and higher levels of insurer competition.Insurers in India and Africa remained cautious.
Global insurance markets: Overall rates continue to decline entering 2026
In the fourth quarter of 2025, global commercial insurance rates declined by 4%, marking the sixth consecutive quarter of rate decreases following seven years of increases, according to the Global Insurance Market Index.
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.
John Donnelly, President, Global Placement, Marsh, said oOverall, clients continue to benefit not only from declining rates but also from opportunities to negotiate improved terms and conditions. Competition among insurers is expected to intensify. One driver, among the many, could be lower reinsurance costs. Barring an extremely large catastrophe loss, or series of losses, global rates will likely continue to trend downward.
As always, clients are encouraged to work closely with their Marsh Risk brokers to assess exposures and risk appetite, and to consider opportunities to broaden coverage in this evolving market environment.
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.
Outside the US, casualty rates generally declined or were flat (Latin America and the Caribbean), reflecting less litigious legal environments. Casualty insurance increased 9% in the US, largely attributable to the frequency and severity of claims, including large jury awards, with excess casualty risks experiencing higher rate hikes than primary lines.
Many clients, particularly those with strong risk profiles, used the competitive environment to negotiate improved terms, enhance coverage, and explore alternative risk transfer solutions such as self-insurance and captives.
Global product line trends, Q4 2025:
Property rates declined by 9% globally, with rate movement varying by region. The Pacific region experienced the largest decrease, at 14%. All other regions declined between 5% and 12%.
Casualty rates increased by 4% globally, led by a 9% increase in the US. Latin America and the Caribbean’s casualty rates were flat, while all other regions experienced decreases of 1% to 9%.
Financial and professional lines rates decreased by 4% globally, declining in every region, except the US, where rates were flat.Cyber insurance rates decreased by 7% globally, declining in every region.