Global insurance rates fell in the second quarter, according to Marsh’s latest briefing.

Rates in the Asia-Pacific region, the UK, continental Europe and Latin America dropped modestly, while US rates increased.

The combined effect led to a fall in the Marsh Risk Management Global Insurance Index for the first time since it was launched six quarters ago.

Casualty insurance rates generally fell between 1-5% in the UK, Europe and Latin America, while increasing in the US.

Financial and professional lines renewals were typically down slightly in the UK and Europe, while in the US they grew between 2% and 3%.

Increased capacity and competition, plus low catastrophe losses, kept property premiums from rising.

Financial institutions in parts of the eurozone experienced liability rate increases, while rates either fell or remained stable in most other major markets.

Cyber risk is a growing concern worldwide, the report says. “Underwriters are scrutinising high-profile hacking incidents as losses continue to mount – most recently among credit card transaction processing firms.”