Marsh’s premium index shows commercial rates in the Australia-dominated Pacific region dropped 5% in the second quarter of this year.

That compares with a drop of 2% in the previous quarter. Globally, rates were flat – marking the first time since the third quarter of 2017 that the worldwide composite rate has not increased.

In the Pacific, property rates fell 4%, casualty was up 1%, financial and professional lines were down 12% and cyber dropped 5%.

“We have seen the continued moderation of the global composite rate over the past few years, with a stable composite in Q2 2024, which is a positive movement for our clients,” Marsh specialty and global placement president Pat Donnelly said.

See Analysis.