Providing detailed information on insurance market trends in more than 30 countries Marsh, released its report for the first three quarters of 2013 in its EMEA Insurance Market Report. Accoridng to the report EMEA insurance markets kept their static/constant outlook and the market is expected to keep this in many areas of the insurance industry throughout 2014.
According to the report titled “Insurance Market Report 2014” analizing insurance market trends, a decline of up to 10 percent appeared in general liability insurance while the decline in fixed value insurances appeared as 15 percent.
The report indicates that there is growth of 10 percent on avarage in four countries of the region including Turkey (the others being Letonia, Namibia and Serbia/Montenegro).
Marsh International Department Leader David Batchelor said, “The loan crisis is having a sustained effect on many business decisions globally. When the environment where the premiums are not rising as hoped by the insurers is considered, risk choices and policies become more important. Insurers require information on a larger scale and in more detail and this emphasizes a more comprehensive and detailed risk management as to keep convenient rates at the time of reneval.”
Marsh’s annual Europe, Middle East, and Africa Insurance Market Report provides the following detailed information on commercial and specialty insurance market trends in more than 30 countries:
- Although insurance market rates across Europe, the Middle East, and Africa (EMEA) remained largely stable throughout the first three quarters of 2013, rate reductions across most lines of business in the last quarter and for January 1st renewals mark a downward pricing trend that is expected to continue in 2014.
- Rates for general liability insurance have on average reduced by up to 10 percent in 2013.
- Property rates fell by up to 15 percent.
- Only four countries across the EMEA region witnessed rate increases in 2013.
- Rates for directors and officers liability insurance fell on average up to 10 percent.
