Skip to main content

Digital report

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. 

Q2 2024 

European composite rates increase at slower pace

Insurance rates in Europe increased 1% in the second quarter of 2024.

Europe second quarter 2024

Europe composite insurance rate change 

Europe property

Property rate increases continue to slow

Property insurance rates increased 2%, continuing a long moderation in the pace of increases.

  • Natural catastrophe exposed organizations continued to experience the greatest challenges; however, the pace of increases slowed, and some insureds saw reductions.
  • Long-term agreements (LTAs) were offered in many cases.
  • Capacity and price challenges continued for heavy occupancy or distressed businesses, such as those with losses and/or those perceived by insurers as having substandard risk management.
  • Underwriters focused on ongoing political circumstances and societal tensions in coverages such as political violence and strikes, riots, and civil commotion (SRCC).

Europe casualty

Casualty rates increase

Casualty insurance rates increased 4%.

  • Casualty rates were generally stable across Europe, with exceptions seen in loss-affected and US-exposed risks.
  • Exclusionary language for per- and polyfluoroalkyl substances (PFAS) was typically negotiable with insurers.

Europe financial and professional lines

Financial and professional lines capacity increases

Financial and professional lines rates declined 3%.

  • Most directors and officers (D&O) liability clients experienced rate reductions.
  • Long-term agreements (LTAs) were available in many cases, some with reductions built in for the second year.
  • Capacity increased as new insurers entered the market and incumbents deployed more capital.
  • Some clients were able to negotiate wording and other innovations, particularly related to D&O and environmental, social, and governance (ESG) exposures.

Cyber insurance rates continue to decrease

Cyber insurance rates decreased 7%.

  • Pricing depended largely on industry, perceived risk quality, and company size.
    • Insureds with revenues above EUR250 million and effective cybersecurity controls typically experienced greater rate decreases.
    • The downward movement in rates was observed mainly in excess layers; larger accounts also generally experienced savings at the primary and first excess layers.
  • Coverage restrictions were eliminated on accounts due to perceived improvements in underlying risk quality and increased flexibility on the insurer's side.
  • Underwriters paid particular attention to digital supply chain management.

This document and any recommendations, analysis, or advice provided by Marsh (collectively, the ‘Marsh Analysis’) are not intended to be taken as advice regarding any individual situation and should not be relied upon as such. This document contains proprietary, confidential information of Marsh and may not be shared with any third party, including other insurance producers, without Marsh’s prior written consent. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Except as may be set forth in an agreement between you and Marsh, Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party with regard to the Marsh Analysis or to any services provided by a third party to you or Marsh. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. LCPA 24/383.