Global insurance rates fell at the end of last year, with Asia-Pacific one of the most affected regions, according to Marsh.

Fourth-quarter rates fell in the UK, Europe and most significantly in Latin America and Asia-Pacific, the Marsh Risk Management Global Insurance Index shows.

The US was the only region to show a rise.

Rates for global property programs fell on renewal, with decreases in Asia-Pacific averaging 5% as an abundance of capacity, particularly in Asia, kept rates low for non-catastrophe-exposed risks.

Globally, casualty insurance programs renewed with a slight decrease, led by falling rates in Asia-Pacific, continental Europe and Latin America.

Falling financial and professional liability rates in Asia-Pacific, the UK and continental Europe led to an overall global drop for those programs.

Global aviation rates declined significantly, with most airlines renewing with decreases of 15-20%.

“Strong capital positions, plentiful capacity and ample competition in the global insurance industry are leading to favourable conditions for clients, especially those with well-managed risks,” Marsh’s International Division President David Batchelor said.

US and Canada Division President Robert Bentley says new entrants in the US are helping to moderate rate increases.