Average insurance prices declined across the globe except in the United States, brokerage Marsh Inc. said in a Wednesday analysis.

Marsh's “Global Insurance Market Quarterly Briefing” found that rates for global property programs renewing the in the fourth quarter of 2013 fell about 10% in Latin America because of competition and available capacity coupled with acceptable loss experience.

The Asia-Pacific region also experienced decreases in property rates averaging 5%, as an abundance of capacity across the region, particularly in Asia, kept rates low for noncatastrophe-exposed risks, according to Marsh.

“Rates for catastrophe-exposed property risks in Japan remained largely stable through 2013, albeit still at levels 30% to 50% higher than before the 2011 Tohoku earthquake,” Marsh said in a statement.

Marsh found that casualty insurance programs “typically renewed with a slight decrease, led by falling rates in Asia-Pacific, Continental Europe, and Latin America; while falling financial and professional liability rates in Asia-Pacific, the U.K. and Continental Europe led to an overall decline in rates for those programs globally,” Marsh said in the statement.

Marsh said global aviation insurance rates declined significantly at the end of 2013, with most airlines renewing with decreases of 15% to 20%.

In addition, directors and officers liability rates for financial institutions across the Eurozone either fell or remained stable in the fourth quarter, with the exception of Italy and France, where rates increased 10% to 20% on average.

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“Strong capital positions, plentiful capacity and ample competition within the global insurance industry are leading to favorable conditions for clients, especially those with well-managed risks,” David Batchelor, president of Marsh's international division, said in the statement.

“In the U.S., insurers are competing aggressively for profitable business and new entrants are helping to moderate any rate increases,” Robert Bentley, president of Marsh's U.S. and Canada division, said in the statement.