In Q2 2024, the global insurance market experienced a stabilization in commercial insurance pricing, marking the first time in nearly seven years that rates did not increase. Despite overall stability, regional variations persisted, with rate hikes observed in India, the Middle East, and Africa. Key trends included a global decrease in property insurance rates, stable casualty insurance rates, and a decline in cyber insurance costs. These changes reflect ongoing adjustments in the market, driven by factors like geopolitical risks and natural disasters, signaling a dynamic and evolving insurance landscape.
Globally, in the second quarter, property insurance rates were flat, while casualty insurance rates increased. Financial and professional lines decreased 5% globally. In Canada, the composite rate decreased by 5%, while property insurance rates declined 4%. Ample capacity was available domestically and internationally, both from incumbents and new markets, while underwriting scrutiny continued, with a focus on risk improvement and natural catastrophe aggregation management.
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