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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.

Q4 2024

UK rates decline for all major product lines

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

UK fourth quarter 2024

UK composite insurance rate change 

UK property

UK property insurance rates decline; insurer capacity increases

Property insurance rates decreased 4% as insurer competition remained strong.

  • Early access to insurers was key for clients to achieve favorable rates.
  • Several major storms impacted the Caribbean and US mainland, leading to a challenging renewal season.
  • Secondary peril activities, such as flooding in Dubai and California wildfires, may challenge insurers in 2025.
  • Property insurers were increasingly aggressive, with incumbents seeking to retain clients and new entrants expanding capacity.
  • Insurers offered long-term agreements (LTAs) to secure clients and stabilize pricing.
  • Cyber clauses remained a key discussion point among insurers.

UK casualty

Casualty rates decrease

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

  • Insurers are focused on growth, creating a competitive environment.
  • Insurer competition was strong, and capacity increased in general liability and employers’ liability; insurers remained cautious regarding US exposure.
  • LTAs were often available.
  • The motor insurance market experienced a 7% rate increase, which may ease going forward.
    • In 2024, the UK motor insurance market loss ratio is forecast to improve to 6% due to reduced claims costs; this follows its worst performance in over a decade in 2023.
    • The motor market was bifurcated, with regular increases in sectors like passenger transport, while competition remained high for private car and van fleets.
    • Care inflation reached 25% due to provider shortages, impacting individual injury claims.
    • Insurers raised minimum excess levels on comprehensive policies.
    • Clients generally sought higher retentions and lower premiums, prompting some insurers to pursue new business.
    • Insurers stressed the importance of maintaining accurate Motor Insurance Database (MID) records to avoid claims exposure from disposed vehicles.

UK financial and professional lines

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

Financial and professional lines rates declined 8%.

  • Directors and officers (D&O) liability rates declined between 5% and 10%.
    • The UK D&O market provided ample capacity and showed increased competition.
    • The number of clients receiving rate reductions decreased.
  • 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 capacity growth

Cyber insurance rates decreased 6%.

  • 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 new and existing carriers, 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

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Global Insurance Market Index

Global Insurance Market Index

02/05/2025

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

02/05/2025

Insurance rates in the fourth quarter of 2024 in the US were flat.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

02/05/2025

Insurance rates in the fourth quarter of 2024 in the LAC region increased 1%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe declined 2% in the fourth 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 8% in the fourth quarter of 2024.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

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

Canada insurance rates

Insurance rates in Canada declined 2% in the fourth quarter of 2024.
Skyscrapers in Abu Dhabi, United Arab Emirates.

Global Insurance Market Index

India, Middle East, and Africa insurance rates

02/05/2025

Insurance rates in the fourth quarter of 2024 increased 1% in the IMEA region.

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