General Insurance Article - Global market rates consistently lower in second quarter

 Decreases in insurance rates were seen across regions and in most major lines of business. However, notable exceptions were seen in specialised coverages, led by a firming cyber insurance market.

  

 According to the report:
 • Asia-Pacific experienced the largest composite rate decrease, followed by Continental Europe, the UK, Latin America, and the US.
 • In major coverage lines, property insurance showed the largest rate declines, greater than 5%, on average. Rate decreases, which occurred across all regions in the second quarter, were led by Asia- Pacific and Continental Europe.
 • Casualty insurance rates, on average, decreased more moderately than property, ranging from flat to down 5% — a consistent trend across all major regions. Asia-Pacific, as it did last quarter, had the largest decrease, followed by the UK.
 • The Marsh Global Insurance Index stood at 0.956 in the first quarter of 2015, down from 0.967 in the previous quarter.

 The report also examines the components of the insurance pricing environment: capital committed to the market, insurer profitability, and insurer pricing methodologies.