Nordic Insurance Market Insights - April 2026 Outlook

Nordic Insurance Market Insights - April 2026 Outlook
May 12, 2026 13 mins

Nordic Insurance Market Insights - April 2026 Outlook

Nordic Insurance Market Insights – November 2025

Aon’s latest Nordic Insurance Market Insights report shows the market continues to soften across the Nordics, with some stabilisation in 2026. Strong capacity and competition for good risks give buyers opportunities to challenge existing insurance programmes.

Key Takeaways
  1. Buyer-friendly conditions in the Nordics continued in 2026 with rates still falling, although there are some signs of stabilisation.
  2. Insurers remained disciplined and the provision of detailed risk information at renewal is vital to take advantage of the favourable market conditions.
  3. Make use of tools like Aon’s Risk Analyzer suite to understand the total cost of risk, exposures and to optimise insurance programmes.

Market Conditions Overview

The Nordic insurance market continues to offer buyer-friendly conditions with rates decreasing across most lines of business. A combination of healthy profitability for both local Nordic carriers and global insurers, an appetite to grow their portfolios and favourable reinsurance conditions means there is plenty of capacity available, which generally leads to more choice, more flexibility and better terms for buyers.

Looking ahead to the rest of 2026, these conditions are expected to continue, although there are a few outliers where the insurance picture is more challenging in emerging risk areas such as implementation of large-scale rooftop solar installations and battery energy storage systems.

Despite the softening market, underwriting remains disciplined and while the market is more flexible, insurers still differentiate strongly based on the quality of information and risk management. This is why it is important to provide up-to-date, detailed risk and loss data, while also demonstrating strong risk management controls. Ahead of their next renewal, buyers should engage with their broker and insurers early and set clear, realistic goals for what they want to achieve. This is an excellent time to challenge the state status quo and reassess programme design, limits, coverage and deductibles.

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Insurers want to understand the risks that they are taking on, so the more you can say about your exposures, controls and risk management, the better.

Kristian Sundén
Nordic Head of Strategic Solutions

Property

Current Conditions

The property insurance market has softened rapidly with average rate reductions of around 5 % - 10 % and even larger reductions available for the most attractive risks on the Multinationals segment. With international insurers based in the Nordic region and in London actively seeking to expand their Nordic portfolios and Nordic carriers defending their own books, the market cycle has shifted quickly, and softening has accelerated further at the spring renewals.

Property risks with a strong focus on risk management and limited claims are best positioned to benefit from the softer market conditions. Certain high-hazard industries, such as food and recycling, or businesses with claims may still encounter a more limited appetite from carriers. Despite insurers’ growth ambitions, underwriting discipline remains with businesses expected to provide high-quality risk data.

Outlook

Lead tenders are becoming more common, particularly where a lead has not been reviewed for some time, or where there has been some friction in the relationship in recent years. Carriers are also offering long-term agreements (LTAs) more frequently. Even though the market has softened rapidly in respect of premium rates, overall limits and deductibles remain stable, though some opportunities for coverage enhancements are available when requested.

The softer market gives a great opportunity to reassess insurance coverage and limits, particularly if those were reduced in recent years, to ensure fit for purpose insurance coverage which is aligned with the business’s actual risk profile. Utilise tools like Aon’s Property Risk Analyzer, which can help to assess risk and optimise property insurance programmes by analysing exposures for natural catastrophe and non-catastrophe risks, and based on the results, evaluate limit adequacy, depending on the risk profile.

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Aon’s Property Risk Analyzer empowers dynamic and strategically aligned analytics, enabling clients to capture and better understand their exposures, test different kinds of options and make confident decisions on risk transfer. It translates complex risks into clear and actionable insights for risk and finance leaders.

Jenni Valkeapää
Head of Property, Aon Nordics

Liability

Current Conditions

The liability insurance market remains divided between risks exposed to the US tort system and the rest of the world. Outside of the US, liability markets are becoming increasingly favorable with rates decreasing from 1%-10%, however, insurers remain highly focused on risk selection, and are continuing to restrict or exclude cover for PFAS although Aon Re reports that PFAS are not currently being reported as treaty reinsurance exclusions on any of their placements.

Risks with significant US exposure and adverse loss history are still challenging. Nuclear verdicts, third-party litigation funding and increasingly sophisticated plaintiff bar tactics continue to pressure US casualty results, but they are only part of a broader set of challenges that include persistent social inflation and regulatory changes. US auto excess attachment points are stabilising and pricing for auto excess coverage is generally more favorable than increasing limits on the underlying local US auto policy.

Outlook

Although overall risk appetites remain unchanged, some underwriters are reducing the maximum capacity they are prepared to deploy on heavier risks such as life sciences and automotive. The benefits of fronted placement solutions are becoming increasingly relevant inon casualty, providing access to all markets and increasing competition in terms and pricing.

For a successful renewal, insurers are placing greater emphasis on both the type of risk and the quality of risk management. Buyers should be prepared to demonstrate strong risk controls and to provide clear, detailed and timely underwriting information, which can reduce the need for extensive exclusions.

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Exploring alternative placement solutions can help broaden insurers' participation, increase competitive tension and ultimately secure a better outcome.

Lill Skogli
Head of Casualty, Aon Nordics

D&O

Current Conditions

Nordic companies are generally viewed positively by D&O insurers; governance standards are high, transparency is strong and loss experience has been limited. This has translated into a supportive D&O insurance market with plenty of capacity available and buyer-friendly terms and rates.

Insurers have enjoyed strong underwriting results with loss ratios amongst the best seen in more than a decade. Reductions are, however, no longer as significant as they have been with the start of a push for small increases in primary cover, although there is still aggressive competition on excess layers.

Outlook

It is still a good time to be a D&O buyer in the Nordics, but the softening trend has stabilised. On the claims side, we see that the number of class actions in EMEA is on the rise, with much of this growth on the consumer and competition side. What used to be a niche area is now a mainstream risk for large companies selling products or services to retail customers.

The importance of data-driven tools to assess risk in this increasingly complex environment is growing. To support a structured D&O programme review, Aon is developing the D&O Risk Analyzer for EMEA which, by combining data on claims, legal developments and company-specific risk factors, can help inform discussions on limits, structure and coverage.

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Preparing management teams to provide good answers for underwriters can reduce the perceived D&O risk and put the business in a stronger position when negotiating D&O terms and conditions.

Solveig Dalseg
Head of Financial Lines, Aon Nordics

Cyber

Current Conditions

An abundance of capacity means a buyer-friendly insurance market persists for cyber, with premiums still coming down by as much as 10%-15%. Policy terms are broader and there are also new types of coverage being introduced to widen the business interruption protection and/or fine tune the incident response cover. Some sub-limited covers are becoming full limit, with the possibility of reducing retentions as well, at no additional cost.

Outlook

In the Nordics and within EMEA, there are no signs of an imminent shift in the soft market, although in the US there is evidence of flattening rates, especially for high-risk industries, due to worsening underwriting results. These changes could spread across the world and impact the Nordics. Despite the geopolitical tensions, particularly in the Middle East, the cyber war exclusion has not yet been applied, but these events are still a big concern for the market.

From a renewal perspective, timing is everything, so it's important for buyers to start their renewal early. Consider factors such as whether limits and retentions are right. Are there any gaps in cover? Is there any alternative risk transfer solution that could be used? Aon’s Cyber Risk Analyzer can help support clients ahead of renewal by explaining loss scenarios, the value of insurance, and the impact of security controls in clear, understandable financial terms that make conversations with the C-suite easier. The tool provides an assessment of an organisation’s total cost of risk by combining models of outcomes with programme premium costs, while allowing the comparison between various insurance programme designs by looking at different types of limits, retentions and insurance structures.

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Manage your risk. You are as strong as your weakest link, so focus on your supply chain risk, your critical third-party vendors and any single point of dependencies. If you don’t have a backup plan, those dependancies may be the reason for your major losses.

Arian Mohajer Soltani
Cyber/Tech PI Broking Leader Nordic, Aon Nordics

Cargo

Current Conditions

Despite the global turmoil, the softening cargo insurance market continues with rates decreasing from between 1%-10%. There has been an increase in the number of insurers entering the Nordic market over the last few years, increasing the availability of capital, which has driven the softening market, although not for some cargo types such as cars/electric vehicles. Insurers are willing to accept broader cover, including static risks such as storage and stock throughput exposures. Shared risk between insurers has also become more common.

Outlook

Looking ahead, the softening market will continue. Products like trade disruption and war on land insurance will increase in line with the growing demand. For buyers, a softening market provides an opportunity to increase limits and broaden cover without necessarily adding any premium. It's important to question the status quo when it comes to insurance structures and solutions, and it’s always recommended to consider an LTA to make the most of the lower premium levels.

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Buyers should also check what approach their insurers have when it comes to war and strike cover, especially if they are affected by the conflict in the Middle East. Some insurers have not cancelled the war and strike cover, while others have, and the affected areas differ a lot. Some offers a buy back solution of the war cover while some don’t, putting cargo owners in a very difficult situation.

Patrik Almström
Head of Cargo & Logistics, Aon Nordics

Trade Credit

Current Conditions

2026 has been challenging for global trade with supply chain disruption, potential inflation, payment delays and development in insolvency rates. Most companies now rank geopolitical and political risk as their top global threat. Despite that exporters still expect positive export growth during the year, but this optimism is fragile and could quickly disappear if geopolitical tensions continue.

The trade credit insurance market conditions remain relatively stable in the Nordics, with pricing down slightly from 1%-2%, and insurers are taking into consideration both business sectors and target markets. There has also been an increased demand for surety solutions.

Outlook

If global GDP growth declines significantly and the energy crisis further worsens inflation, it will be more disruptive for businesses and take longer for them to recover. Most exporters are wisely and actively reinforcing their resilience, building inventories and diversifying into new markets. Most are seeking new suppliers and rerouting trade flows through third markets. Trade credit insurers are constantly analysing global markets and this information can be highly beneficial for companies. For those buyers entering the renewal season, insurers value regular information updates and realistic adjustments of credit limits, so take time to assess the credit limits needed.

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The role of insurance in providing security to international commerce is more relevant and important than ever.

Tiia Sirviӧ
Nordic Growth Leader, Credit Solutions

Construction and Renewable Energy

Current Conditions

Strong interest from both domestic and international insurers continues and this is now accelerating the downward pressure on rates. Risks that insurers see as particularly attractive, such as data centres, are seeing competitive rates as insurers compete for shares. There is little movement on terms and conditions, and underwriters continue to take a technical approach to risk selection and capacity deployment.

Outlook

Well-managed risks with low natural catastrophe exposure and good relationships with their insurers will continue to benefit from the current market conditions. Conversely, expect a more prudent approach from underwriters when it comes to risks with high natural catastrophe exposure or emerging/unproven technologies such as EV battery production, battery energy storage systems, carbon capture, and green hydrogen.

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Although the market may be softening, insurers still require a proper and thorough presentation of risks, but there is the potential to challenge them for improvements on terms and conditions.

Donais Deetz
Head of Construction and Renewable Energy, Aon Nordics

Four Tips for a Successful Renewal

  1. Start the dialogue with your broker and key insurers early, allowing ample time for options to be identified and negotiations to take place.
  2. Develop a robust broking strategy: understand your risk appetite and tolerance and clearly communicate your goals and expectations.
  3. Provide detailed information and analytics about risk exposures and risk management practices.
  4. Establish closer engagement and long-term relationships with your insurers.
Aon’s Thought Leaders

Kristian Sundén
Nordic Head of Strategic Solutions
[email protected]

Jenni Valkeapää
Head of Property, Aon Nordics
[email protected]

Lill Skogli
Head of Casualty, Aon Nordics
[email protected]

Solveig Dalseg
Head of Financial Lines, Aon Nordics
[email protected]

Arian Mohajer Soltani
Cyber/Tech PI Broking Leader Nordic, Aon Nordics
[email protected]

Patrik Almström
Head of Cargo & Logistics, Aon Nordics
[email protected]

Tiia Sirviӧ
Nordic Growth Leader, Credit Solutions
[email protected]

Donais Deetz
Head of Construction and Renewable Energy, Aon Nordics
[email protected]

General Disclaimer

The information contained herein and the statements expressed are of a general nature and are not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. FP.AGRC.2025.340.GG

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