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Europe Insurance Market Pricing

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

Q4 2023 

Europe pricing: Cyber rates decrease, coverage improves 

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

Europe fourth quarter 2023

Europe composite insurance rate change 

Europe property

Europe property rates influenced by recent catastrophe events

Property insurance rates rose 7%. 

  • Underwriting scrutiny continued regarding catastrophe (CAT) aggregates and deductibles, limitations on cover for non-physical damage, cyber, terrorism, and strikes, riot, civil commotion (SRCC).
  • Property rates were influenced largely by CAT events, including earthquakes in Turkey, floods in Greece and Germany, and hailstorms in Italy.
  • Capacity was abundant for clients viewed as good risks by insurers, and long-term agreements (LTAs) were more available.

Europe casualty

Casualty rates increase; capacity remains available

Casualty insurance rates increased 6%.  

  • Capacity was readily available, driving competition in the mid-market.
  • Insurers continued to scrutinise polyfluoroalkyl substances (PFAs) exposure, loss-impacted, and heavily exposed risks. 

Europe financial and professional lines

Financial and professional rates decline

Financial and professional lines rates declined 7%.   

  • Capacity and insurer competition increased.
  • Nearly 10% of clients reinvested premium savings to increase limits.

Cyber insurance rates decrease, particularly in excess layers

Cyber insurance rates decreased 5%.

  • Nearly 80% of insureds renewed without any rate increase and with either stable or decreased retentions as insurer competition increased.
  • The downward movement in rates was mostly observed in excess layers; some larger clients also saw decreases at the primary layers. 
  • As rates stabilised, many clients purchased higher limits. 
  • Insurers eliminated many coverage restrictions due to perceived improvements in underlying risk quality.

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.
Aerial view of the Bay Bridge in San Francisco, CA

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%.

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 were flat in the fourth quarter 2023.
Shanghai skyline at night

Global Insurance Market Index

Asia insurance rates

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

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Canada insurance rates

Insurance rates in Canada were flat in the fourth quarter of 2023.
Skyscrapers in Abu Dhabi, United Arab Emirates.

India, Middle East, and Africa insurance rates

10/29/2023

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