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Digital report

UK Insurance Market Rates

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

Q1 2024 

UK rate decline led by cyber and financial and professional lines

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

UK first quarter 2024

UK composite insurance rate change 

UK property

UK property insurance market sees new entrants

Property insurance rates increased 2%.

  • New market entrants contributed to increased competition and an increasingly competitive rating environment, particularly for low- to medium-hazard industries.
  • Underwriters emphasized risk and claims management and exercised caution for organizations in heavy occupancy industries or with distressed business profiles.
  • Long term agreements (LTAs) were generally available. 

UK casualty

Casualty insurance rates increase

Casualty insurance rates increased 2%.                           

  • General liability rates decreased for the second consecutive quarter.
  • Overall market capacity increased, although capacity for US exposure is limited as underwriters maintained focus on claims cost inflation.
  • Auto liability remained challenging. 

UK financial and professional lines

Financial and professional lines decrease, led by D&O

Financial and professional lines rates declined 9%.

  • Directors and officers (D&O) rates continued to decrease, typically in the 10% to 15% range.
  • Financial institutions rates decreased in the high single digits.
  • The commercial crime market saw some insurers increase their appetite and capacity.

Cyber insurance rates decline as competition increases

Cyber insurance rates decreased 7%.

  • The current decrease in cyber rates can be attributed in part to conditions during the challenging market period, which was characterized by frequent and severe losses and concerns regarding cybersecurity controls.
  • Since the second half of 2022, competition has increased, driving improved rates and coverage.

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.”