The insurance market across Europe, the Middle East and Africa is expected to remain broadly stable in 2013, according to Marsh's Insurance Market Report 2013.
Despite the losses that impacted the market throughout 2012, organisations across EMEA which have attractive risks and good loss histories will still be able to secure reduction on their insurance rates.
Marsh said demand for trade credit insurance remains strong across EMEA, even though rates have remained stable for the fourth consecutive quarter as insurers compete for business.
Amid growing boardroom concern over cyber risks, Marsh suggested insurance buyers across EMEA could see more captive insurance products being used to insure emerging cyber security risks this year.
The report paints a challenging picture for European financial institutions, amid on-going concerns about the Eurozone and increased regulatory action.
It added that environmental liability driven by regulatory pressures, such as the implementation of an EU Directive underwriting capacity in this market has grown by 50% since 2008 with an increase in demand of up to 25% in some countries last year alone.
Marsh expects insurers to approach these risks with more caution, applying typical rate increases of up to 10% in the UK, Germany and Spain; and between 10%-20% in Italy, Poland and Russia.
It added trade credit insurers continue to be cautious about exposures for countries such as Greece, Italy, Ireland, Portugal and Spain.
David Batchelor, head of Marsh's international division, said: "While 2012 saw several significant insured losses, the insurance market proved robust enough to weather the storm, with a largely localised impact on rates.
"Companies that focus on providing their insurers with robust evidence of their risk management and mitigation strategies, are not only more likely to secure competitive pricing but also insurance protection correctly aligned to their particular needs."
From 6 January 2020
Due to Brexit
Main reason MSK