Oct 23 (Reuters) - Commercial insurance prices fell 4%

worldwide on average in the third quarter, dragged by

competition among insurers and favorable reinsurance pricing, a

report by insurance broker Marsh McLennan ( MMC ) said on

Thursday.

WHY IT MATTERS

The easing follows years of steep price hikes that peaked in

2021, offering relief to businesses and households seeking

protection against financial risks, property damage and natural

disasters.

Intense competition among insurers to attract and retain

customers is driving down prices and giving buyers more options

and flexibility in their coverage.

CONTEXT

The third quarter marks the fifth straight quarterly decline

in Marsh's Global Insurance Market Index.

Rates for property, cyber, and financial and professional

insurance declined across every region.

Property insurance rates fell the most, declining 8%

globally. Cyber coverage fell 6% and financial and professional

lines slipped 5%, according to the report.

Casualty rates were the only segment to buck the trend,

rising 3% globally, led by an 8% increase in the U.S. amid a

rise in costly jury verdicts.

KEY QUOTE

"With the exception of U.S. casualty, clients are benefiting

not only from lower rates but also from opportunities to

negotiate improved terms and broader coverage," said John

Donnelly, Marsh's president of global placement.

WHAT'S NEXT

The insurance rates are expected to keep falling in the

coming quarters, unless large catastrophe losses or a sharp rise

in claims disrupt the trend.