Insurance policy renewals as of July 1 declined by double digits in a number of lines and regions around the world, Guy Carpenter reported in a July 7 update.

The market assessment echoes those made recently by Willis Re and others.

The Marsh & McClennan company said that minimal loss activity led, in part, to big price drops in reinsurance, marine, aviation, casualty, workers compensation and more. As well, catastrophe bond pricing continued a downward trend due to an “abundance of alternative capital,” Guy Carpenter’s David Priebe said in the company’s update.

Guy Carpenter said that the U.S. property market experienced price decreases in the mid-to-high teens over the first six months of 2014, plus coverage changes, diverse product offerings and a hike in multi-year options.

Latin America and the Caribbean also saw rate declines for property-catastrophe excess of loss cover as of July 1, but drops came at a lower rate than other regions. As well, Australia/New Zealand saw a big dip in property-catastrophe rates, according to the update, even with the emergence of more losses from the 2010/2011 New Zealand earthquakes factored in.

Casualty renewal rates in the U.S. remained relatively even as of July 1, due to flat losses and no significant change in available capacity. International casualty rates were slightly higher or in decline depending on the specialty. For example, U.K. motor reinsurance renewals produced single-digit increases, but June/July U.K. renewals and other international programs for general liability, employers liability, commercial directors and officers liability, and professional liability saw rate declines, Guy Carpenter said.

Workers compensation reinsurance renewals through the first six months of 2014 came in at reduced rates, according to the update. And catastrophe bond prices kept declining in the first half of 2014, though price adjustments moderated in recent weeks, even with cat bond issuance at record levels.

At least one major coverage area continued to face market uncertainty: terror coverage. Continued delays in the U.S. concerning renewal of the Terrorism Risk Insurance Act has left pricing up in the air and a major concern for insurers, Guy Carpenter said.