Global commercial insurance rates continued to ease in the third quarter of 2025, with an overall drop of about 4%, according to John Doyle, president and CEO of Marsh McLennan. The decline was mainly led by property insurance costs. This marks a continuation of the softening trend seen in the previous quarter, which also recorded a 4% decrease.
Doyle shared these insights during Marsh McLennan’s third-quarter earnings call, referencing data from the firm’s Global Insurance Market Index. This index tends to reflect pricing trends among large commercial accounts. In the U.S., rates dipped by 1%, while Canada saw a 3% drop. Other major regions such as the UK, Europe, the Middle East, Africa, Latin America, and Asia experienced mid-single-digit declines. In the Pacific region, the decrease was even more notable, with rates falling by double digits.
Despite the general softening, some areas saw rates going up. Casualty insurance worldwide grew by 3%, and in the United States, excess casualty rates surged 16%. Doyle pointed to ongoing challenges in the liability insurance market as the main driver behind these increases.
Other segments showed moderate declines. Workers’ compensation rates fell by 5%, while global financial and professional liability insurance and cyber insurance rates both dropped by 5% and 6%, respectively.
These figures suggest a mixed but generally favorable environment for businesses looking at their insurance costs. The steady easing in property and many liability-related lines could offer some relief to companies after years of rising premiums. However, the continuing pressure on casualty insurance means some risks remain costly and could require closer management.
Marsh McLennan’s report highlights a slowly balancing market, where some insurance types get cheaper while others hold firm or increase. For businesses and brokers, these trends will be important as they plan coverage and budgets for the months ahead.