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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.

24/10/2024

Q3 2024 

UK rates decline

Insurance rates in the UK declined 5% in the third quarter of 2024.

UK third quarter 2024

UK composite insurance rate change 

UK property

UK property insurance rates decline

Property insurance rates decreased 4%.

  • Long-term agreements (LTAs) were offered on many placements; some included built-in reductions in the second or third years.
  • Flooding in Europe and hurricane season in North America were watched for potential impacts on markets.
  • Secondary peril activity continued to be a concern.
  • Competition increased for organizations deemed by insurers as having excellent risk management practices.
  • Cyber clauses remained a discussion point with insurers.

UK casualty

Casualty rates increase, driven by auto liability

Casualty insurance rates increased 1%; excluding motor liability, casualty rates decreased 6%.

  • Insurers remained cautious regarding organizations with US exposure.
  • Insurers sought to retain existing clients and strategically targeted new business opportunities; some included wider coverage as a differentiator.
  • LTAs were available.
  • Employer liability rates were generally flat to decreases of 10%.
  • Insurer competition continued to drive general liability rate decreases.
  • Motor liability rates continued to increase as insurers reported 2023 as the worst-performing year in over a decade.
    • Sectors such as passenger transport and logistics typically experienced increases, while greater competition was observed for private car and van fleets.
    • Increased cost of care, which includes those injured in automobile collisions, reached 25% due in part to limitations on available care providers.

UK financial and professional lines

Financial and professional lines rates decline, led by D&O

Financial and professional lines rates declined 10%.

  • Directors and officers (D&O) liability rates declined between 5% and 15%, on average.
    • The UK D&O market provided ample capacity and showed increased competition.
    • LTAs were offered in some cases.
  • Capacity was abundant in the financial institution (FI) market.
  • Capacity was also abundant in the commercial crime market, with insurers typically offering greater line sizes, broader terms, and lower retentions.

Cyber insurance rates continue to decline amid insurer competition

Cyber insurance rates decreased 8%.

  • The inflow of capacity into the market continued from both incumbent and new insurers.
  • Since the second half of 2022, the cyber insurance market has seen increased competition from existing carriers, as well as new players in both the UK and international markets, resulting in generally reduced rates and more extensive coverage.
  • Clients with annual revenues greater than £250 million typically experienced greater rate decreases.

Our rates reflect the segment mix of Marsh’s client portfolio.

Explore the report

City Light Trails

Global Insurance Market Index

Global Insurance Market Index

10/24/2024

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

10/24/2024

Insurance rates in the third quarter of 2024 in the US increased 3%.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

10/24/2024

Insurance rates in the third quarter of 2024 in the LAC region increased 3%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe were flat in the third quarter of 2024.
Beautiful aerial view of the Sydney Opera house by the bay in Australia. Panoramic view.

Global Insurance Market Index

Pacific insurance rates

Insurance rates in the Pacific region declined 6% in the third quarter of 2024.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 4% in the third quarter of 2024.
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Global Insurance Market Index

Canada insurance rates

Insurance rates in Canada declined 3% in the third quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

10/24/2024

Insurance rates in the IMEA region decreased 2% in the third quarter of 2024.

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This document and any recommendations, analysis, or advice provided by Marsh (collectively, the ‘Marsh Analysis’) are not intended to be taken as advice regarding any individual situation and should not be relied upon as such. This document contains proprietary, confidential information of Marsh and may not be shared with any third party, including other insurance producers, without Marsh’s prior written consent. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Except as may be set forth in an agreement between you and Marsh, Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party with regard to the Marsh Analysis or to any services provided by a third party to you or Marsh. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. LCPA 24/383.