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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. 

23/07/2024

Q2 2024 

European composite rates increase at slower pace

Insurance rates in Europe increased 1% in the second quarter of 2024.

Europe second quarter 2024

Europe composite insurance rate change 

Europe property

Property rate increases continue to slow

Property insurance rates increased 2%, continuing a long moderation in the pace of increases.

  • Natural catastrophe exposed organizations continued to experience the greatest challenges; however, the pace of increases slowed, and some insureds saw reductions.
  • Long-term agreements (LTAs) were offered in many cases.
  • Capacity and price challenges continued for heavy occupancy or distressed businesses, such as those with losses and/or those perceived by insurers as having substandard risk management.
  • Underwriters focused on ongoing political circumstances and societal tensions in coverages such as political violence and strikes, riots, and civil commotion (SRCC).

Europe casualty

Casualty rates increase

Casualty insurance rates increased 4%.

  • Casualty rates were generally stable across Europe, with exceptions seen in loss-affected and US-exposed risks.
  • Exclusionary language for per- and polyfluoroalkyl substances (PFAS) was typically negotiable with insurers.

Europe financial and professional lines

Financial and professional lines capacity increases

Financial and professional lines rates declined 3%.

  • Most directors and officers (D&O) liability clients experienced rate reductions.
  • Long-term agreements (LTAs) were available in many cases, some with reductions built in for the second year.
  • Capacity increased as new insurers entered the market and incumbents deployed more capital.
  • Some clients were able to negotiate wording and other innovations, particularly related to D&O and environmental, social, and governance (ESG) exposures.

Cyber insurance rates continue to decrease

Cyber insurance rates decreased 7%.

  • Pricing depended largely on industry, perceived risk quality, and company size.
    • Insureds with revenues above EUR250 million and effective cybersecurity controls typically experienced greater rate decreases.
    • The downward movement in rates was observed mainly in excess layers; larger accounts also generally experienced savings at the primary and first excess layers.
  • Coverage restrictions were eliminated on accounts due to perceived improvements in underlying risk quality and increased flexibility on the insurer's side.
  • Underwriters paid particular attention to digital supply chain management.

Regional analysis

City Light Trails

Global Insurance Market Index

Global Insurance Market Index

07/24/2024

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

07/24/2024

Insurance rates in the second quarter of 2024 in the US increased 1%.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

07/24/2024

Insurance rates in the UK declined 3% in the second quarter of 2024.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

Insurance rates in the second quarter of 2024 in the LAC region increased 4%.
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 5% in the second quarter of 2024.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

Insurance rates in Asia declined 3% in the second quarter of 2024.
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Global Insurance Market Index

Canada insurance rates

Insurance rates in Canada declined 5% in the second quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

07/24/2024

Insurance rates in the second quarter of 2024 increased 4%.

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