Global insurance rates have declined for the 14th consecutive quarter, according to the latest figures from Marsh.

However, the speed of the decline is slowing, with Marsh saying the period to September 30 was also the third quarter in a row in which the decline moderated.

“The continued availability of capacity in the insurance market has generally kept pricing stable to competitive in most lines of business and geographies, although the rate of decline in property insurance moderated for the third quarter in a row,” the broker’s Global Insurance Market Index says.

Asia-Pacific pricing remains “generally competitive” across most major lines.

“However, the rate of decline moderated for Asia-Pacific property, with steadily decreasing renewal rates in Australia, Hong Kong, South Korea and Singapore.

“Financial and professional rates of decline also moderated, with Australia returning to positive renewals in the third quarter.”

US renewal rates remain competitive across all major lines of business, with financial and professional liability lines experiencing the lowest rate of decline and property lines experiencing the greatest.