Skip to main content
Marsh logo

Digital report

Europe Insurance Market Rates

The Global Insurance Market Index is our proprietary measure of commercial insurance rate changes at renewal. Below are insights into the European insurance market. 

23/04/2024

Q1 2024 

European composite rates increase at slower pace

Insurance rates in Europe increased 3% in the first quarter of 2024.

Europe first quarter 2024

Europe composite insurance rate change 

Europe property

Property rates continue to rise

Property insurance rates rose 5% compared to a 7% increase in the prior quarter.

  • Underwriters scrutinized natural catastrophe exposed organizations, although capacity was generally available.
  • Companies with natural catastrophe exposure generally saw above average price increases, capacity reductions, increased deductibles, and scrutiny of limits.
  • Capacity and price challenges also continued for heavy occupancy or distressed businesses, such as those with losses and/or those perceived by insurers as having substandard risk management.
  • Long term agreements (LTAs) were offered in many cases. 
  • Ongoing political and societal tensions drove some insurers to seek sub-limit adjustments and coverage restrictions in strikes, riots and civil commotion (SRCC) coverage.  

Europe casualty

Casualty rates increase as capacity reductions ease

Casualty insurance rates increased 5%.

  • Rates were generally stable across Europe, with the exception of the Nordic countries, where substantial increases were seen on complex and US-exposed risks.
  • Concerns over exclusionary language related to biometric data and data privacy, with emerging concern relating to per- and polyfluoroalkyl (PFAS) substances.
  • Capacity reductions by major insurers eased.

Europe financial and professional lines

Financial and professional rates decline on increased insurer competition

Financial and professional lines rates declined 7%. 

  • For directors and officers (D&O) liability insurance, capacity and insurer competition increased.
  • Many large D&O programs renewed with LTAs, some with a slight premium decrease factored in for the second year.
  • Some clients reinvested premium savings to increase limits on other programs, such as crime.

Cyber insurance rates decrease for second consecutive quarter

Cyber insurance rates decreased 7%.

  • Insureds with higher revenues (>€250 million) and effective cybersecurity controls typically experienced greater rate decreases.
  • The downward movement in rates was observed primarily in excess layers, although some larger companies also found savings at the primary and first excess program layers.
  • Many clients adjusted program structures, for example, increasing limits or reducing retentions.
  • The awareness of cyber risks has also led to an increase in new clients entering the market.
  • Underwriters paid particular attention to digital supply chain management.

Explore the report

City Light Trails

Global Insurance Market Index Q1 2024

The Global Insurance Market Index is our proprietary measure of global commercial insurance premium pricing change at renewal, providing insights on the world's major insurance markets.
Aerial view of the Bay Bridge in San Francisco, CA

Global Insurance Market Index

US insurance rates Q1 2024

04/24/2024

Insurance rates in the first quarter of 2024 in the US increased by 3%, the same as in the prior quarter.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates Q1 2024

04/24/2024

Insurance rates in the UK declined 2% in the first quarter of 2024.
Placeholder Image

Global Insurance Market Index

Latin America and Caribbean insurance rates Q1 2024

04/24/2024

Insurance rates in the first quarter of 2024 in the Latin America and Caribbean (LAC) region increased 5%.
Beautiful aerial view of the Sydney Opera house by the bay in Australia. Panoramic view.

Global Insurance Market Index

Pacific insurance rates Q1 2024

Insurance rates in the Pacific region declined 2% in the first quarter of 2024.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates Q1 2024

Insurance rates in the first quarter of 2024 in Asia declined 2% after being flat for the three prior quarters.
Placeholder Image

Canada insurance rates Q1 2024

Insurance rates in Canada declined 2% in the first quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates Q1 2024

Insurance rates in the first quarter of 2024 declined 2% in the IMEA region.

Previous reports

“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”