Average insurance rates for buyers across Europe, the Middle East and Africa fell during the last quarter of 2013 and look decrease further this year, according to a report Marsh L.L.C. released Monday.
Insurance rates in the region remained largely stable during the first three quarters of 2013, then fell during the final three months of the year and at the Jan. 1 renewals, according to “Europe, Middle East and Africa Insurance Market Report 2014.”
This shows “a downward pricing trend that is expected to continue in 2014,” according to the report.
Across the EMEA region, rates for general liability rates fell as much as 10% during the last quarter of 2013, while rates for property business fell as much as 15%, Marsh said.
Directors and officers liability business saw average rate declines of up to 10% across the region, with only Italy seeing increases averaging up to 10% for larger buyers, Marsh noted.
The continued effects of the sovereign debt crisis — which include encouraging many insurance buyers to retain more risk — coupled with the benign catastrophe loss experience were among factors that had led to price softening, David Batchelor, president of Marsh's international division, said in a statement.