EMEA Insurance Market Report 2015
In general, competition among insurers and ample capacity helped drive down insurance market rates across Europe, Middle East, and Africa in 2014.
In the absence of rate increases, underwriters are placing a greater emphasis on risk evaluation and selection, offering only the most competitive terms to clients that are able to demonstrate a robust approach towards risk management.
In general, competition among insurers and ample capacity helped drive down insurance market rates across Europe, the Middle East, and Africa in 2014. Clients with attractive risks and good loss histories are positioned to benefit most from the positive rate environment.
Other key findings from the report:
- Rates for motor insurance remained stable or reduced by an average of up to 10% in 25 out of the 34 countries analyzed in the region.
- Rates for directors and officers (D&O) liability insurance remained stable or fell by up to 10% on average in 32 countries.
- A growing number of organizations across Europe, Middle East, and Africa are inquiring about the availability of cyber risk insurance products, as they become increasingly aware of their exposures.
- While trade credit insurance rates continue to decline in the region, claim frequency is rising, particularly in Africa and parts of Eastern Europe. This will likely have an adverse effect on premium rates in 2015, for all but the most attractive risks.
- Political risk insurance claims are expected to increase in 2015 following the expiration of policy waiting periods for credit and political risk/physical damage events.