European Insurance Market Update – Casualty

Casualty

Europe rate trends: Casualty

Countries	Trend
	General Liability	Environmental Impairment Liability
Germany & Austria
Switzerland
Poland
Ireland
Denmark
Norway
Sweden & Finland
France
Luxembourg
Belgium
Netherlands
Italy
Portugal
Spain

• On average, the market remains stable, however, there are increasing signs of rate reductions.
• Premium reductions more commonplace due to retention targets coupled with competition for new business.
• Concerns remain around social and economic inflation (on cost of claims) and US exposures, in particular.
• Positive underwriting results leading to ambitious growth aspirations.
• Strategic use of facultative reinsurance to help manage the ‘de-risking’ versus growth challenge.
• Early engagement required with market (both direct and reinsurance) on more difficult risks to deliver ‘relevant’ placement solutions (price and coverage).
• Expectations of further insurer competition with corresponding downward pressure on rates in Q4.
• Insurers paying increasing attention to portfolio density with insureds and looking to cross-sell across multiple lines of business.