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IMEA Insurance Market Pricing

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

Q4 2023 

India, Middle East, and Africa (IMEA) pricing: Financial and professional lines rates decline

Insurance rates in the fourth quarter of 2023 increased 4% in the IMEA region, where rates for large and complex organisations are often driven or influenced by the reinsurance market. 

India, Middle East, and Africa (IMEA) fourth quarter 2023

IMEA property rates increase

Property insurance rates increased 6%, compared to 4% in the prior quarter.

  • Rate increases were influenced by higher reinsurance and capital costs in catastrophe (CAT) exposed portfolios, capacity demand, and continued loss activity, especially in Saudi Arabia, India, and Africa.
  • Insurers scrutinised terms and conditions including CAT aggregates and deductibles, limitations around contingent business interruption (CBI) extensions, cyber, terrorism, and strikes, riot, civil commotion (SRCC).
  • Global insurers’ interest in the Middle East declined; however, regional insurers and reinsurers fostered competition. 

Casualty insurers increase competition

Casualty insurance rates increased 1% after being flat in the prior quarter.

  • New capacity in the region, especially from reinsurers, fostered competition.
  • Insurers remained cautious regarding loss-impacted and heavily exposed risks, with increased information requirements and internal referrals.
  • Long-term agreements (LTAs) were available, typically of two years duration.

Financial and professional rates decline

Financial and professional lines rates declined 4%, the same as in the prior quarter.

  • Directors and officers (D&O) liability rates varied by country — flat in India, declines of between 15% and 20%, on average in the Middle East; and ranging from flat to 10% increases in South Africa.
  • Financial institutions (FIs) in the Middle East generally saw rates decrease by 5% to 10%; rates in South Africa and India were stable.
  • Professional indemnity cover across the region were stable in terms of capacity, with rates decreasing slightly.
  • Underwriters continued to pay more attention to clients’ environmental, social, and governance (ESG) risk profile.

Cyber insurance rates decrease; claims activity declines

Cyber insurance rates decreased 6%, compared to a 1% increase in the prior quarter.

  • Rate decreases were influenced by low claims activity, a decrease in the frequency and severity of ransomware claims, and new capacity entering the market in both excess and primary layers.
  • In the Middle East, increased capacity and new entrants, increased competition, and more aggressive pricing.
  • In India and Africa, the market was more challenging due to the claims environment, cautious insurer appetite, and/or a lack of local capacity.

Explore the report

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Global Insurance Market Index

Global Insurance Market Index

02/01/2024

The Global Insurance Market Index is our proprietary measure of global commercial insurance rate change at renewal - providing insights on the world's major insurance markets.
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Global Insurance Market Index

US Insurance Rates | Q4 2023

02/01/2024

Insurance rates in the fourth quarter of 2023 in the US increased by 3%.

Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/01/2024

Insurance rates in the UK were flat in the fourth quarter of 2023.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

Insurance rates in the fourth quarter of 2023 in the Latin America and Caribbean (LAC) region increased 8%.

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Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 4% in the fourth quarter of 2023.

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Global Insurance Market Index

Pacific insurance rates

Insurance rates in the Pacific region were flat in the fourth quarter 2023.
Shanghai skyline at night

Asia insurance rates

Insurance rates in the fourth quarter of 2023 in Asia were flat.

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Canada insurance rates

10/29/2023

Insurance rates in Canada were flat in the fourth quarter of 2023.