The UK property and casualty (P&C) insurance market is changing quickly. In the second quarter of 2020, property pricing increased by 16% and casualty pricing increased by 5%.
This is the sixth consecutive quarter of pricing increases. Pricing increases for the previous quarters were typically single-digit, but several headwinds mean that pricing increases may persist and even accelerate in the next 12 months.
COVID-19 has begun to exacerbate underlying market conditions. A marked change in underwriting approach in facultative reinsurance is contributing to a change in the property market. And in the casualty market, more stringent underwriting guidelines have affected terms and conditions.
In order to mitigate premium increases and successfully navigate a changing insurance market, download our latest insight to learn more.