Global insurance rates have declined for the 13th consecutive quarter, but the rate has slowed for the second quarter in a row, according to new figures from Marsh.

The broker’s global briefing says insurance rates fell 3.6% in the second quarter, following a 3.8% decrease in the first quarter.

Insured catastrophe losses in the first half totalled $US27 billion ($35.37 billion), up $US8 billion ($10.48 billion) on the corresponding period last year, which may prompt some insurers to start reconsidering rates, Marsh says.

Global Industry Specialties and Placement Leader Dean Klisura says US cyber-insurance renewal rate rises moderated to an average of 6.9% compared with the preceding quarter’s average increase of 12%.

“With decreases continuing in other major lines of business, the US was the only geography worldwide that saw a greater overall rate of decline this quarter,” Mr Klisura said.

The US was particularly affected by weakening rates in directors’ and officers’ liability insurance for public companies.

Marsh says Brexit is yet to affect the market, but the situation will continue to be monitored.