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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. 

Q3 2024 

European insurance rates stable

Insurance rates in Europe were flat in the third quarter of 2024.

Europe third quarter 2024

Europe composite insurance rate change 

Europe property

Property rate increases continue to slow / nearly flat

Property insurance rates increased 1%, continuing a moderation in the pace of increases.

  • Strong insurer financials drove increased capacity and generally improved rates and coverage options.
  • Long-term agreements (LTAs) continued to be offered.
  • Underwriters continued to scrutinise insureds with natural catastrophe (Nat Cat) exposures, significant losses, and those perceived to need risk management improvements.

Europe casualty

Casualty rates increase, at slower pace

Casualty insurance rates increased 2%.

  • Casualty lines rates across Europe remained generally stable.
  • Underwriters continued to scrutinise loss-affected and US-exposed risks.
  • Capacity generally remained stable, though some insurers limited deployment for US-exposed risks as concern continued for large jury awards and settlements.
  • Areas of concern included per- and polyfluoroalkyl substances (PFAS).

Europe financial and professional lines

D&O rates continue to decline

Financial and professional lines rate decreased 7%.

  • Decreases in directors and officers (D&O) liability insurance rates were experienced by many clients, particularly in excess layers.
    • Many large D&O programs renewed with LTAs, often with decreases available in the second year.
  • The commercial crime market saw rate decreases due to increased competition.
  • Rates for employment practices liability (EPL) insurance and pension trustee liability (PTL) insurance were generally flat.
  • Some clients increased limits and invested more in other programs, such as crime, and/or achieved coverage improvements , particularly related to D&O and environmental, social, and governance (ESG) exposure.

Cyber insurance rates decrease as cybersecurity improves

Cyber insurance rates decreased 11%.

  • Rates decreased for many clients, with pricing depending in large part on industry, perceived risk quality, and company size.
    • Insureds with revenues above EUR250 million and cybersecurity controls perceived by insurers as effective typically experienced greater rate decreases.
    • Rate decreases were generally observed in excess layers; larger organisations also generally experienced savings at the primary and first excess layers.
  • Capacity and competition continued to increase as new insurers entered the market and incumbents deployed more capacity.
  • Underwriters scrutinised digital supply chain management.

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

Regional analysis

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Global Insurance Market Index

Global Insurance Market Index

24/10/2024

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.
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%.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

24/10/2024

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

Latin America and Caribbean insurance rates

Insurance rates in the third quarter of 2024 in the LAC region increased 3%.
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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