Global insurance rates fell slightly in the third quarter, led by declines in the Asia-Pacific region, according to Marsh.

Rates also fell in the UK, continental Europe and Latin America, while the US showed a slight increase.

Asia-Pacific property declined 8.6% due to abundant capacity, a relatively low level of losses and competition in most business classes, Marsh’s quarterly update says.

Severe storms in the Philippines, Vietnam, China, Taiwan and Japan mostly affected low-population or less-industrialised areas and had little or no impact on rates.

“It is unclear at this time what impact Typhoon Haiyan will have on property insurance capacity, terms and conditions in the fourth quarter, in the Philippines or elsewhere,” the report says.

Global property rates fell for the fifth quarter in a row, while casualty rates grew 0.7%, mainly driven by gains in the US.

The Marsh Risk Management Global Insurance Index began seven quarters ago with a starting point of 100.

Since then, the Latin American index has declined to 96, while the US has risen steadily each quarter to reach 102.9. The overall index fell to 101 in the third quarter from 101.1.

Marsh says some organisations are exploring alternatives in case the US does not extend its terrorism insurance backstop.

“Failure to renew [the program] could result in increased pricing and capacity shrinkage, especially for risks in the central business districts of major US cities. Commercial property lines are especially sensitive.”

The Terrorism Risk Insurance Act will expire at the end of next year unless reauthorised by Congress.