Nordic and Iberian insurers see further softening
The Nordic, Iberian, and wider European commercial insurance market is still broadly softening, and buyers can expect more of the same at 1 January, according to London market broker Miller.
Tim Nagle, head of EMEA at Miller, said competition between domestic and international insurers is putting downward pressure on property pricing, supported by ample capacity. He highlighted that the competitive dynamic is driven by both local carriers and global players seeking market share.
“Buyers also have opportunities to negotiate broader cover, higher sublimits and, selectively, lower deductibles,” he added. Such flexibility can help buyers obtain more full protection without a proportional increase in premium.
However, Nagle said capacity is more plentiful than the willingness to lead complex programmes, and insurers still differentiate on risk quality and business interruption exposure. Insurers remain selective, preferring to underwrite programmes where they can assess and manage the underlying hazards effectively.
Market Trends
Well-protected operations with manageable business interruption exposures are currently the best positioned when it comes to property covers in the Nordics. Companies that have invested in robust loss-prevention measures find themselves in a stronger negotiating position.
Nagle explained that certain industries, such as timber, pulp and paper, waste and recycling, and food-processing, can require more selective placement due to increased loss potential. These sectors often face higher volatility in loss experience, prompting insurers to request tighter terms.
“D&O and cyber remain competitive [in the Nordics]. However, US-exposed casualty is a notable exception,” he said. Casualty exposure linked to U.S. markets continues to be priced more conservatively.
Miller expects buyer-friendly Nordic conditions to remain through year-end and the renewals set for early 2027, particularly in property. The outlook suggests that pricing pressure will persist unless capacity constraints tighten.
Iberian Market
Nagle said Spanish buyers have been able to achieve reductions of up to 30% for financial lines. Such discount levels are unusual in recent years and reflect the heightened competition.
Despite this, new capacity continues to enter the market, particularly from Latam, where two insurers have opened underwriting offices in Madrid over the past 12 months. The new entrants are aiming to capture market share by offering tailored solutions.
