ARTICLE
19 December 2024

European Insurance Market Update – Casualty

W
WTW

Contributor

At WTW, we provide data-driven, insight-led solutions in the areas of people, risk and capital that make your organization more resilient, motivate your workforce, and maximize performance.

We work shoulder to shoulder with you, bringing diverse points of view and a deep commitment to your success.

By challenging one another, we achieve breakthroughs because only the best ideas survive. The result? Innovative solutions that meet your needs—informed by the global view and the local understanding of our colleagues around the world.

Together, we broaden your horizon and sharpen your focus.

Transform your toughest challenges into actionable opportunities.

And set your path for sustainable success.

The casualty market grows more competitive, with increasing signs of rate reductions. Premium decreases are common as insurers balance retention targets with heightened competition for new business.
European Union Insurance

The casualty market grows more competitive, with increasing signs of rate reductions. Premium decreases are common as insurers balance retention targets with heightened competition for new business.

Key takeaways

Insurers are under pressure to meet their 2024 targets, which could drive heightened competitiveness and more aggressive underwriting strategies as year-end approaches.

1559872a.jpg

  • 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.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More