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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.

23/07/2024

Q2 2024 

UK rate decline

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

UK second quarter 2024

UK composite insurance rate change 

UK property

UK property insurance rates decline

Property insurance rates decreased 2%.

  • Long-term agreements (LTAs) were offered to many insureds; some included built-in reductions in years two and/or three.
  • Issues around cyber clauses in property policies remained a discussion point.
  • Rather than declining coverage based solely on SIC codes, more underwriters considered individual risk profiles, which led to increased competition where insurers perceived risk management practices as being of high quality.

UK casualty

Casualty insurance rates flat; auto liability remains a concern

Casualty insurance rates were flat, with general liability and employers liability rates declining.   

  • Insurer capacity increased.
  • Underwriters maintained focus on US exposures, due in significant part to large jury verdicts.
  • Auto liability rates increased, driven in part by the rising costs of vehicle repair.
  • Insurers generally prioritized retaining existing clients, while strategically targeting new business.

UK financial and professional lines

Financial and professional lines rates decline for eighth straight quarter

Financial and professional lines rates declined 7%, the eighth consecutive quarter of declining or stable rates.

  • Directors and officers (D&O) liability rates declined between 5% and 10%, on average.
  • Financial institutions (FIs) rates declined 7%.
  • Commercial crime rates declined 5% as capacity remained readily available.

Cyber insurance rates continue to decline amid increased insurer competition

Cyber insurance rates decreased 7%.

  • Capacity increased, despite increased and evolving threats of zero-day exploits.
  • Larger organizations typically received greater rate reductions.
  • Insurer competition continued to increase.

Explore the report

City Light Trails

Global Insurance Market Index

Global Insurance Market Index

24/07/2024

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%.
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Global Insurance Market Index

Latin America and Caribbean insurance rates

07/24/2024

Insurance rates in the second quarter of 2024 in the LAC region increased 4%.
Berlin, Germany viewed from above the Spree River.

Global Insurance Market Index

Europe insurance rates

Insurance rates in Europe increased 1% in the second 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 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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