Global insurance rates have fallen for the 16th straight quarter, driven down by significant capacity and a competitive underwriting environment, global broker Marsh says.

But the first quarter also marked five consecutive quarters of moderating renewal rate decreases, according to the Marsh Global Insurance Market Index.

“Insurance rates continued to decline globally, on average… across all major products,” it says.

Surplus capacity is up about 20% compared with five years ago, and this brutal environment has pushed combined operating ratios above the 100% threshold.

US casualty renewal rates increased for the first time since 2014, aided by rate movements in motor liability and workers’ compensation. US cyber liability renewal rates fell 1.7% on average in the first quarter, the first decline since 2014, as increased capacity coincided with more first-time buyers taking up cover.

In the UK, rates declined more than twice the global average across all major lines.

Asia-Pacific rates were flat, but financial and professional liability rates grew 3.3% on average.