Exhibit 23






INDEPENDENT AUDITORS' CONSENT

We consent to the  incorporation  by reference  in  Registration  Statement  No.
333-69776 of Marsh & McLennan Companies on Form S-8 of our report dated December
22, 2003,  (which  expresses an unqualified  opinion and includes an explanatory
paragraph relating to the included  supplemental  schedule,  which are presented
for purposes of  additional  analysis  and are not a required  part of the basic
financial  statements)  appearing in this Annual  Report on Form 11-K of Marsh &
McLennan Companies Stock Investment Plan for the year ended June 30, 2003.




/s/ Deloitte & Touche LLP


December 22, 2003
New York, NY