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Digital report

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.

Q1 2024 

UK rate decline led by cyber and financial and professional lines

Insurance rates in the UK declined 2% in the first quarter of 2024.

UK first quarter 2024

UK composite insurance rate change 

UK property

UK property insurance market sees new entrants

Property insurance rates increased 2%.

  • New market entrants contributed to increased competition and an increasingly competitive rating environment, particularly for low- to medium-hazard industries.
  • Underwriters emphasized risk and claims management and exercised caution for organizations in heavy occupancy industries or with distressed business profiles.
  • Long term agreements (LTAs) were generally available. 

UK casualty

Casualty insurance rates increase

Casualty insurance rates increased 2%.                           

  • General liability rates decreased for the second consecutive quarter.
  • Overall market capacity increased, although capacity for US exposure is limited as underwriters maintained focus on claims cost inflation.
  • Auto liability remained challenging. 

UK financial and professional lines

Financial and professional lines decrease, led by D&O

Financial and professional lines rates declined 9%.

  • Directors and officers (D&O) rates continued to decrease, typically in the 10% to 15% range.
  • Financial institutions rates decreased in the high single digits.
  • The commercial crime market saw some insurers increase their appetite and capacity.

Cyber insurance rates decline as competition increases

Cyber insurance rates decreased 7%.

  • The current decrease in cyber rates can be attributed in part to conditions during the challenging market period, which was 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.