The pressure points building in Europe that could affect insurers and reinsurers’ balance sheet include tensions with Russia, anti-austerity measures in Greece and separatist movements in Spain but the enduring issues of quantitative easing, weak economic growth across the EU and foreign exchange developments remain the most testing

Despite generally good performances from European insurers over the past 12 months, next year is likely to present challenges

Market dynamics highlight competition that is now so fierce it threatens the underwriting discipline the market has upheld so well in recent years