Nordic Insurance Market Insights – November 2025

Nordic Insurance Market Insights – November 2025
December 15, 2025 14 mins

Nordic Insurance Market Insights – November 2025

Nordic Insurance Market Insights – November 2025

The insurance market is softening across the Nordics; a trend expected to continue across most lines throughout 2026. A key reason for the widespread rate reductions is an abundance of capacity, with the region proving to be an attractive destination for international insurance providers.

Key Takeaways
  1. Insurance market conditions in the Nordics remain soft across most lines, with some exceptions including US liability and cargo risks for electric vehicles and emerging technologies which remain in a harder market.
  2. Despite the softening trends, insurer discipline and technical underwriting remains. Good quality risks continue to be rewarded with the provision of detailed risk information at being provided.
  3. It’s a good time to challenge existing programmes and take advantage of the soft market to regain cover removed during the harder market, while also looking at the opportunity for alternative structures.

Market Conditions Overview

Four key factors drive pricing and changes in the insurance market: insurer results, capacity, reinsurance conditions, and insurer growth targets. In the current market, strong profitability, ample capacity, favourable reinsurance terms and insurers targeting growth mean conditions are friendly to buyers, offering competitive pricing and terms & conditions. Insurers view risks in the Nordics as being well managed and controlled in a region with low levels of litigation and only limited exposure to natural catastrophes.

Looking ahead to the rest of 2025 and into 2026, international insurers are expected to continue the growth of their portfolios in the Nordics, meaning buyer-friendly conditions will continue, although there are some exceptions. US liability remains a concern, with industries under ESG scrutiny also posing a challenge for directors and officers (D&O) insurers. New exposures in areas such as cargo shipments of electric vehicles, battery energy storage systems (BESS) and carbon capture technologies are being approached carefully, while trade credit market sectors like automotive and agribusiness are facing additional challenges. Lines of business where the market has been soft for some time, such as cyber, D&O and non-US liability, are expected to stabilise with reductions decelerating, while the recent softening trends in the property market are likely to continue.

As ever, a successful renewal depends on starting conversations early with brokers and key insurers and establishing the organisation’s risk appetite and risk tolerance. Underwriting discipline among insurers remains strong across all lines so, to take advantage of this softer market environment, it is important to provide up-to-date and detailed risk information, and to demonstrate robust risk management controls. This will help secure the best possible terms and position the business as the market evolves.

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Take a look at your current placement structure and your relationships with insurers and ask yourself, do they still meet your needs, or is it time to challenge the status quo? There are plenty of alternative structures and markets out there, so don't hesitate to consider new options.

Malin Fredriksson
Head of Nordic Broking Centre and CBO Aon Nordics

Property

Current Conditions

While the property insurance market has been challenging over recent years, 2025 has seen a significant shift in the market cycle, from a flattening of rates at the beginning of the year to today’s softening market. Rates are down from 1-10 percent and as much as 20 percent for some risks. Strong interest from London-based and international insurers in Nordic risks is helping to provide additional capacity, while local insurers are nearing the end of their de-risking strategies.

The Nordic property market has not suffered major losses this year to the same extent as in previous years. This trend supports the softening of the local property market in general, although the upper mid-market segment continues to encounter more challenging conditions. Underwriting standards remain disciplined with significant emphasis on up-to-date risk information and continuous improvements in risk management.

Outlook

The broader softening trend across EMEA will continue to influence the Nordic market and create favourable conditions for insurance buyers, although longer-term challenges such as climate change and the geopolitical environment could start to impact the market beyond 2026/2027. The speed and magnitude of the softening will depend on each buyer’s risk profile, industry sector and claims history. Ahead of the next renewal, buyers should challenge their current programme structure and review the insurance coverage and limits that may have been cut during recent years of harder market conditions.

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Overall terms are generally flat or nearly flat, with premium reductions available for the most attractive risks and industries, even up to double-digit decreases, especially on the larger and multinational risk segment.

Jenni Valkeapää
Head of Property, Aon Nordics

Liability

Current Conditions

The liability insurance market is split between the risks exposed to the US tort system and the rest of the world. US-related liability risks are impacted by nuclear verdicts, litigation funding, and aggressive plaintiff tactics. This has led to adverse loss trends and unpredictable jury awards, especially for products like pharmaceuticals, chemicals, food, and electronics.

Outside the US, conditions are becoming increasingly favourable – with rates down 1-10 percent – but still focused on risk selection. Restrictions or exclusions for per- and polyfluoroalkyl substances (PFAS) continue, although PFAS is not reported to be a general treaty reinsurance exclusion. Shared placement solutions are also becoming increasingly common.

Outlook

Placements with large US exposures will continue to be subject to rigorous underwriting and are likely to see price increases. US auto excess coverage attachment points are stabilising and, to some extent, showing signs of softening. For international casualty without US exposure, market conditions are favourable.

PFAS is still an area of focus for underwriters and is subject to broad exclusions. The underwriting approach and the need for exclusions are largely driven by industry types. Some sectors, such as chemical producers, food packaging, waste and recycling, and water utilities, will face automatic exclusions. If an insured can provide detailed risk information and show that adequate risk management procedures apply, an exclusion might not be required, or a buyback for specific coverage could be available.

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Be aware of PFAS restrictions. Consider buyback options where available. And utilise structured placement solutions to drive competition and to secure better terms.

Lill Skogli
Head of Casualty, Aon Nordics

D&O

Current Conditions

The D&O insurance market remains extremely soft with plenty of capacity available. Even complex or challenging risks can secure competitive quotes and broad coverage. Insurers are aggressively trying to preserve their books, as well as looking to make up for the lost premiums on their renewal portfolio. These conditions persist despite the environment for directors and officers growing more complex. Aon’s latest Global Risk Management Survey underscores the shifting reality directors and officers face with cyber risk, for example, which is revealed as the number one current and future threat. Cyber is no longer just an IT issue but a critical challenge that affects a company's strategy, finances and reputation, and increases the responsibility and potential liability of the board or directors and management.

AI has introduced new risks for directors and officers. In February 2024, the first AI-related securities class action was filed in the US, with the defendant accused of misrepresenting their AI capabilities and their AI investments. Underwriters now tend to ask questions about the use of AI, such as their investment and the internal routines and guidelines established. Cyber attacks are accordingly growing more sophisticated and impactful, with a clear rise in social engineering fraud incidents involving deep fake technology. These threats are also matched by regulatory shifts, putting directors under greater personal responsibility for digital operational security.

Outlook

There are signs of changes in the market, with some market stabilisation in the US, which will spill over into the UK, EMEA and the Nordic region. The latest Q3 statistics from Aon in the UK show the smallest average quarterly reduction of D&O rates in the last three years. The oversupply of capacity should continue throughout 2026 but in the next two or three years, capacity is likely to leave the market, especially in the excess segments.

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Be cautious about relying on excessive line sizes in soft markets; these can evaporate quite quickly in a hardening environment. Make sure your terms are as broad as possible and tailored to your company's specific needs and avoid agreeing to new exclusions, such as those underwriters are trying to implement on emerging risks like AI.

Solveig Dalseg
Head of Financial Lines, Aon Nordics

Cyber

Current Conditions

2025 has remained soft for cyber cover. Plenty of insurer competition means that rates are still on the decline by as much as 10-15 percent. Some outliers are receiving rate reductions of as much as 50 percent. Excess positions remain more competitive with rate reductions of up to 20 percent. Looking at cyber globally, while it is still competitive, there are signs of stability in the market, which may trickle down into the Nordics.

Outlook

Insurers are stretching their line sizes and being more aggressive towards first time buyers in order to mitigate for premium reductions. Market capacity on individual risks is somewhere between €10 million to €15 million, but some carriers can provide €25 million and upwards on primary positions. The market is also more focused on small revenue segments by utilising bulk quoting tools to make cyber more accessible and streamlined.

Security controls remain important for underwriting purposes, but insurers are starting to require less information than historically. Additionally, the time from submission to quote has significantly reduced, given that local underwriting authorities have increased over the past few years. However, we are starting to see the introduction of new types of underwriting questions related to AI and a specific focus on supply chain risk and third-party risk management.

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Systemic events and supply chain risks are becoming drivers of severe cyber events around the world. So, make sure your company's supply chain and third-party risk management processes are robust. Those suppliers that your business relies on may be your weakest link.

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

Cargo

Current Conditions

Despite today’s geopolitical volatility – reflected in Aon’s Global Risk Management Survey which places supply chain risk as a top ten critical risk for businesses – the cargo insurance market is softening. Rates are down between 1-10 percent as carriers look to grow their share of Nordic risks, resulting in a market where there is plentiful capacity. Insurers are willing to discuss and accept broader cargo cover, including for static risks such as storage and stock throughput exposures, but risks are still subject to thorough and disciplined underwriting. Despite the softening, some areas are more challenged, however, such as the shipment of cars and electric vehicles, where rates are still in a hard market.

Outlook

Easier access to capital will continue and the softening market will be a feature throughout 2026. Even for those cargo areas in a hard market, it’s expected that there will be some softening. Shared risk placements such as fronted and collaborative reinsurance solutions are becoming increasingly more common in the market.

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A softening market provides a great opportunity to increase limits and broaden cover without necessarily affecting the premium costs, meaning an extra thorough check is recommended.

Patrik Almström
Head of Cargo & Logistics, Aon Nordics

Construction and Renewable Energy

Current conditions

There is plenty of interest in construction and renewable energy risks from international insurers and local Nordic markets, leading to abundant levels of capacity. London and EMEA-based carriers see the Nordics as a key growth opportunity given the region's leadership in terms of investment around the energy transition. This interest means that while the market is not yet soft – rate changes remain flat – there is some downward pressure on rates, especially for the more attractive risks with low natural catastrophe exposure and long-standing relationships with their insurers. It is, though, still a technical underwriting market and the provision of good, detailed risk information is key.

Outlook

It is not yet clear whether the market will turn into a fully fledged soft market, but good risks will benefit most from the current market conditions. It is likely that the market will continue to take a prudent approach to risks with high natural catastrophe exposures or those involved with unproven technologies such as electric vehicle battery production, BESS, carbon capture and green hydrogen. There is not much movement on terms and conditions or deductibles, but these are areas to push as the market softens.

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Many insurers are taking more of a global multiline look at large multinational clients. The more you can balance your relationship across lines of business, it helps insurers make more flexible decisions when you have certain areas of your portfolio fall into some of these riskier areas.

Donais Deetz
Construction and Renewables Leader, Nordics, Aon

Trade Credit

Market Conditions

Despite signs of rising insolvency rates, current market conditions remain strong and pricing in the credit solutions area is down by 1-2 percent, indicating a slight softening while capacity remains at an all-time high. The impact of tariffs and how much of these costs can be passed on to customers has increased volatility which, in turn, has increased the demand for securing trade receivables. Although claims have remained at average levels, it’s likely that global uncertainty will lead to a more prudent underwriting approach.

Outlook

The market outlook is still cautious due to rising levels of corporate insolvencies, meaning acceptance rates for credit limits are expected to decline. Global risk approval rates are stable at around 75 percent, but approvals vary by economy and sector. Automotive and agribusiness have had lower approval rates at 70 percent, while the technology sector – boosted by AI development – saw a 6 percent increase, reaching 84 percent. Adequate capacity is still expected to be available throughout 2026 due to new solutions being introduced in the market.

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This is a good opportunity to challenge existing pricing and insurance coverage. The availability of new carriers and the development of new innovations present a good chance to investigate top-up solutions and other risk sharing to maximise limit capacity.

Tiia Sirviӧ
Head of Credit Solutions, Aon Nordics

Four Tips for a Successful Renewal

  1. Start 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 about risk exposures and risk management practices. High-quality information and good risk profiles attract more capacity and lead to more successful placement outcomes.
  4. Challenge the status quo by exploring alternative structures and markets.
Aon’s Thought Leaders

Malin Fredriksson
Head of Nordic Broking Centre and CBO Aon Nordics
[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]

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

Tiia Sirviӧ
Head of Credit Solutions, 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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The contents herein may not be reproduced, reused, reprinted or redistributed without the expressed written consent of Aon, unless otherwise authorized by Aon. To use information contained herein, please write to our team.

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