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Europe Insurance Market Rates

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 2024

European insurance rates decline

Insurance rates in Europe declined 2% in the fourth quarter of 2024.

Europe fourth quarter 2024

Europe composite insurance rate change 

Europe property

Property rates flat, continuing pricing moderation

Property insurance rates were flat, continuing a moderation in the pace of increases.

  • A positive reinsurance renewal season led to increased capacity, improved pricing, and better coverage terms.
  • Incumbent insurers focused on retaining key clients, limiting opportunities for new entrants in favorable risk segments.
  • Long-term agreements (LTAs) and rollovers were available as insurers sought to secure key clients and maintain pricing levels.
  • Insurers continued to scrutinize distressed businesses including food and beverage, waste and recycling, and wood and paper.
  • Retention levels and loss limits remained generally stable, with clients typically focused on reducing rates and improving policy conditions.

Europe casualty

Casualty rates flat after 21 quarters of increase

Casualty insurance rates were flat, following 21 consecutive quarters of increases.

  • Insurer competition was driven by improved capacity availability from local insurers, particularly in the Mediterranean region.
  • Major insurers offered favorable terms to drive growth, though level of aggressiveness varied.
  • Insurers generally were less restrictive regarding risks with minimal US exposure.
  • There was an increase in quota-share placements due to oversubscriptions.
  • Three-year LTAs were available for some clients.

Europe financial and professional lines

D&O rates continue to decline

Financial and professional lines rate decreased 7%, with more significant reductions in excess layers compared to primary layers.

  • Approximately 80% of directors and officers (D&O) liability coverage renewals benefited from rate decreases, while crime insurance rates fell due to increased competition.
  • The professional indemnity (PI) market remained fragmented, with overall rate decreases generally less than in D&O.
  • Insurers generally prioritized retention over new account growth.
  • Capacity generally exceeded demand due to new entrants and incumbents deploying more capacity.
  • Large D&O programs renewed with LTAs that included pre-agreed rate decreases for the second year, adjusted at mid-term to reflect then-current conditions.
  • Some clients reallocated savings to increase limits and enhance other programs, such as crime insurance.
  • Opportunities existed for renegotiating policy wording and improving coverage, particularly in D&O and environmental, social, and governance (ESG) exposures.

Cyber insurance rates decrease and capacity increases

Cyber insurance rates decreased 14%.

  • Many clients received discounts; clients with over €250 million in revenue experienced larger rate reductions compared to those with lower revenues.
  • Clients with revenues up to €500 million experienced significantly more competition due to increased capacity.
  • Capacity per layer increased, with more insurer consortiums offering larger primary quota shares and individual insurers providing higher primary limits.
  • Premium reductions typically were reinvested into higher limits or reduced retentions.
  • Coverage restrictions were lifted in some cases due to improved underlying risk quality and insurers' increased flexibility to broaden coverage.
  • Underwriters were generally showing greater flexibility, focusing on key controls and offering capacity for improved risks.
  • The use of telemetry for risk assessment is rising, with discounts available for clients undergoing telemetry analysis.
  • Insurers remained wary of potential catastrophic and systemic cyber losses, as well as the evolving regulatory landscape.

Our rates reflect the segment mix of Marsh’s client portfolio.

Regional analysis

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Global Insurance Market Index

Global Insurance Market Index

05/02/2025

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

05/02/2025

Insurance rates in the fourth quarter of 2024 in the US were flat.
Skyline of London over Tower Bridge on the Thames

Global Insurance Market Index

UK insurance rates

02/05/2025

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

Latin America and Caribbean insurance rates

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