This update analyses our observations of the current European commercial insurance market which is based on the experiences of WTW colleagues with our clients.
Rating trends are for guidance only and rates achieved will depend on individual circumstances. Overall, the market has stabilized through the third quarter of 2024, with softening trends noted in specific sectors. Insurers must prioritize careful risk selection, particularly in higher-risk areas affected by natural catastrophes, while balancing growth ambitions with prudent underwriting practices to navigate the complexities of the evolving landscape.
The overall market in Continental Europe is expanding, driven by heightened competition as insurers aim to attract new business while retaining existing clients. Capacity is increasing as both established players and new entrants seek opportunities in this favorable environment.
Insurers are pursuing growth aggressively, leading to increased competition for preferred risks and some rate reductions. As year-end approaches, budget pressures may intensify competition further.
Minimal growth is expected in 2024 due to low investor confidence in residential projects. However, EU funding will support infrastructure initiatives as construction firms expand internationally.
Insurers are adjusting policy terms and rates in response to geopolitical instability and security risks, though overall capacity remains sufficient.
The Directors' and Officers' market remains soft with no signs of stabilization, while competition in the cyber and financial institutions markets persists. The professional indemnity market is also beginning to soften.
The property sector is recovering after years of portfolio adjustments, with insurers focusing on retention and targeting mid-market segments. However, underwriting remains cautious regarding natural catastrophe exposures.
Download our report and gain insights into the current conditions and short-term perspectives for all the key insurance markets including: casualty, construction, crisis management, FINEX, trade credit, natural resources, surety, aviation and space, marine and facultative reinsurance. In addition to market overviews, our report also provides a detailed trend analysis by country for some of these sectors.
| Title | File Type | File Size |
|---|---|---|
| European Market Trends Q3 2024 Update | .7 MB |
