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Digital report

UK Insurance Market Pricing

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 2023 

UK pricing: Cyber rate increases continue to moderate

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

UK fourth quarter 2023

UK composite insurance rate change 

UK property

UK property insurance market competition increases

Property insurance rates increased 1%.

  • Large organizations generally experienced rates at flat to 5% increases; midsize clients typically received rate decreases ranging from 5% to flat.
  • Some clients benefitted from increased insurer competition.
  • Insurers increasingly offered long-term agreements (LTAs). 
  • Insurers remained cautious on catastrophe (CAT) risks and organizations with heavy occupancy or distressed business.

UK casualty

Casualty insurance rates increase, led by auto liability 

Casualty insurance rates increased 2%. 

  • Employer’s liability rates in the fourth quarter experienced a slight shift toward reductions.
  • Continued insurer competition helped to drive general liability rate decreases.
  • Capacity contracted in the UK motor reinsurance market; rate increases typically ranged from 7% to 20%. 
    • Updated policy wordings reflected the changing nature of electric and other vehicle technologies, with insurers increasingly imposing cyber exclusions but offering coverage for the potential tripping hazard liability posed by electric vehicle charging cables.

UK financial and professional lines

D&O rates continue to decrease

Financial and professional lines rates declined 6%. 

  • Directors and officers (D&O) rates continued to decrease, typically in the 10% to 15% range; the pace of decreases began to slow. 
  • Financial institutions rates decreased in the high single digits, driven by greater insurer competition.
  • The commercial crime market saw new entrants and increased competition; much of the increased capacity was for excess layers. 

Cyber market competition continues to increase

Cyber insurance rates increased 2%.

  • The current decrease in cyber rates can be attributed in part to conditions during the challenging market period, characterized by frequent and severe losses and concerns regarding cybersecurity controls.
  • Since the second half of 2022, competition has increased, driving improved rates and coverage.