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European Insurance Market Update Q4 2023

Executive summary

In this update we analyse the current European commercial lines insurance market based on the experiences of our WTW clients.

In addition to market overviews, our report also provides a detailed trend analysis by country for each of these sectors. This information is particularly beneficial for industry professionals looking to stay ahead in the ever-evolving insurance landscape.

Rating trends are for guidance only and rates achieved will depend on individual circumstances. All figures are compared against our Q3 2023 remarks.

The European commercial lines business insurance market has remained stable throughout the fourth quarter, and is expected to continue as such in 2024. Despite this, the reinsurance market should continue to be monitored as reinsurance renewals impact the outlook for both international and local insurance companies.

We are in what we would term a stable, hardened market or two-tiered market.

This means that placements with a focused broking strategy, good loss ratios, and/or good quality data, can be managed as expected. However, there are other risks pertaining to specific industries that can be challenging to place.

For most lines, there is enough capacity in the continental European markets for our broking teams to place their risks, thanks to a mix of local or European well-established insurers and new international players.

A spotlight on the markets

Trade credit

Following a period of low claims, insurers expect a gradual increase in bankruptcies towards more normalized levels. While the frequency of claims have been increasing in 2023 and are now close to pre-COVID levels, severity of claims remain below average, and insurers continue to enjoy low loss ratios.

Download our report and gain insights into the current conditions and short-term perspectives for all the key insurance markets including: property, casualty, financial, professional and executive risks and trade credit risks; and a trend analysis by country for each market.

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