Middle East, Africa and India rates continue to decline in 4Q2025

Composite insurance rates in the fourth quarter of 2025 decreased 10% in the IMEA region, where rates for large and complex organisations were often impacted by the reinsurance market, according to the "Global Insurance Market Index' report published by the world's biggest insurance broking group Marsh.

In comparison, insurance rates in the region fell by 4% in the first quarter of 2025 and dropped by 5% in both the second and third quarters. This was the fourth consecutive quarterly decrease since the fourth quarter of 2024 when rates rose by 1% in IMEA.

Property rates decline, with regional variation

Property insurance rates decreased by 11% in the last quarter in 2025.

• Property rate declines were generally driven by increased capacity and competition.

• The Middle East and Africa saw rate declines ranging from 5% to 15%; India experienced decreases between 15% to 25%.

• Catastrophe-exposed and high-hazard sectors (chemical, food, waste, recycling) faced declines of up to 20% in India; insureds in other regions generally saw declines of 10% to 15%.

• Regional and multinational reinsurers expanded their presence across IMEA, intensifying competition, particularly in the Middle East and Africa.

Casualty insurance rates decline

Casualty insurance rates decreased by 5%.

• Casualty rates declined 5% on average, with regional variations.

• Casualty rates in India ranged from flat to decreases of up to 20%; rates in Saudi Arabia ranged from flat to decreases of up to 10%.

• Rates in South Africa and the UAE remained stable.

• US exposures influenced regional appetite and capacity.

Financial and professional lines rates decline, with regional variation

Financial and professional lines rates declined by 11% overall.

• Directors and officers (D&O) liability rates decreased 20% to 25% in India; and 15% to 20% in the UAE and Saudi Arabia.

• D&O rates were stable in South Africa.

• Financial institutions rates declined 5% to 10% in the Middle East, driven by increased capacity from London and Dubai; rates in India declined 15% to 20%.

• Professional indemnity rates were stable in South Africa, while declining 15% to 20% in India and 10% to 15% in the Middle East.

Cyber insurance rates decline as capacity increases

Cyber insurance rates decreased by 8% on average.

• The Middle East experienced declines between 5% and 10%, while India saw sharper decreases of 10% to 15%.

• Rates in South Africa were flat to increases of 5%.

• Middle East capacity growth was driven by new entrants and higher levels of insurer competition.

• Insurers in India and Africa remained cautious.