Global insurance prices fell 2.8% in the third quarter, according to Marsh.

It marks the sixth consecutive quarter of decline, with property rates showing the largest drops – down 5.6% in Asia-Pacific, 7.6% in Europe and 2% in the US.

Casualty and financial lines were more stable.

“In the US, major catastrophes have been limited, continuing a period of stability since Superstorm Sandy struck in October 2012,” the Marsh Global Insurance Index report says.

Overall prices fell 4.4% in Asia-Pacific, 0.1% in the US, 4.7% in the UK and 5.1% in the rest of Europe.

“With conditions remaining favourable to buyers, insureds are researching alternative risk management solutions, including catastrophe bonds and collateralised insurance solutions – and many insureds are also seeking to secure multi-year policies to lock in currently low rates,” US Property Practice Leader Duncan Ellis said.

Marsh says rates are typically 5-10% lower for businesses that have moved to new insurers than for renewals. The difference is largest in US workers’ compensation and property.

With $US50 billion ($59.23 billion) of new capital invested in the reinsurance market in the past two years, insurance capacity has risen.

“What has changed most dramatically with capacity is the ability and willingness of buyers to access it globally,” the report says. “This trend has emphasised the value of multinational platforms, as well as access to capacity now available from insurers in Asia, Europe and Africa.”

Marsh Asia-Pacific CEO Martin South says the region’s underwriting results have been “favourable” amid “relatively few natural catastrophes”.