Global property premiums continue to soften, with the latest Marsh Global Insurance Market Index (GIMI) reporting their steepest drop in recent years. The primary driver behind this decline is a relatively quiet year for natural catastrophes. Even after Hurricane Melissa’s headline grabbing destruction in Jamaica, 2025 could still close following one of the insurance industry’s most benign six-month periods for nat cat losses in recent memory.

According to Marsh, global average property rates fell 8% in Q3, fuelled by heightened competition among insurers. The Pacific region saw the sharpest decline, with rates plunging 14%.

“It’s been a really interesting year,” said Scott Eccleston (pictured above), Marsh’s head of risk management in the Pacific.

Five years of heavy losses, but 2025

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