State of the Insurance Market Report

For international property, rates have stabilized significantly since 2023. Accounts with good risk quality and clean loss history are seeing modest decreases or very low single digit increases. Even accounts with catastrophic (CAT) exposures have seen rate increases moderate.

Accounts with poor risk quality and/or poor loss history continue to face challenges. The international casualty market remains relatively stable, except for accounts with poor loss experience. Rate increases are modest for most renewals. Some low-hazard, loss-free accounts are seeing rate reductions.

Specific exclusions for Russia, Ukraine, and Belarus continue to be standard across multiple lines of coverage as the conflict in the region continues.

The complexities of global programs continue to be challenged by geopolitical and climate changes. Global risk strategies need to be implemented and constantly challenged to assure coverages exceed standards in all countries.

The London cargo and stock throughput market remains stable. Insurers are slowly looking to broaden their appetite and deploy more capacity. In addition, new capacity has entered the market, leading to a more competitive landscape. Non-CAT exposed accounts with a good loss history can expect rate reductions. CAT-exposed accounts continue to be underwritten cautiously with a focus on maintaining a balanced portfolio.