Geography Trends Q3 EMEA and the UK
EMEA and the United Kingdom
Regional Market Dynamics
See below for insights related to the market dynamics in EMEA and the UK, or select a geography below to take a closer look.
Featured Geographies: Germany | Iberia | Italy | Netherlands | United Kingdom
Pricing
Modest price increases continued across all countries, driven upward by continued inflation but dampened by insurer growth focus. Key exceptions were Cyber, which experienced more significant rate increases and Trade Credit, which experienced more favorable conditions, especially in Southern Europe.
Capacity
Capacity remained sufficient for most products, coverages and risk types with the notable exceptions of Cyber, Natural Catastrophe-exposed risks, and Political Violence coverage, driven by continued uncertainty related to the events in Eastern Europe.
Underwriting
Underwriting remained disciplined and a two-tiered market continued. Preferred risks experienced favorable conditions, including some Long-Term Agreements, while less preferred risks – including US-exposed and Product Recall - experienced more conservative underwriting and less favorable terms.
Limits
Limits remained generally flat, with the notable exception of Trade Credit, for which increases could generally be achieved. Cyber reductions were imposed as insurers continued to manage their exposure to rising loss costs.
Deductibles
Deductibles remained generally flat, with the notable exceptions of Cyber, risks placed in the German market, and where insureds opted to increase deductibles to help offset premium costs.
Coverages
Coverages were generally stable although restrictions were imposed in some countries for complex risks and high-hazard industries. Cyber insurers continued to mandate restrictions elated to war, ransomware and coverage territory.
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