Since late 2024, conditions in the large corporate risks market have been easing. Premiums fell by 8% in Europe in the fourth quarter of 2025.

Multi-year agreements are re-emerging, and insurers are becoming more competitive. This is good news, but it also masks a less favorable reality: not every company is benefiting from this market shift. It is rewarding a specific category of companies those approaching the market with a robust technical underwriting submission, substantiated insured values and usable data. Others continue to face more restrictive terms and conditions.

We analyzed the available data.  France Assureurs, Marsh, Verlingue, Swiss Re and AXA XL, among others, to identify four underlying trends shaping this pivotal moment in the commercial property insurance market for industrial companies.

2024–2025 Property Insurance Losses: a structural deterioration reshaping industrial risk selection 

The first key takeaway is somewhat counterintuitive: the market is softening even as property loss experience continues to deteriorate, supported by greater availability of capital. Insurers are responding to this tension through more disciplined risk selection rather than by relaxing their underwriting requirements. 

• In 2024, claim frequency in the large corporate risks segment reached 485% of the level recorded for standard insurance policies.
• The average cost per claim increased by 3.9%, reaching €19,534.
• The overall claims burden increased by 16% compared with 2023.
• In 2025, total claims costs stood 25% above the ten-year average, making it the second-costliest year in two decades, with €935 million in claims excluding urban losses. 

In the large-loss segment (€2 million and above), 210 claims were reported in 2024, excluding natural catastrophe events, representing a total claims cost of €1.264 billion. Fire remained the leading cause, accounting for around 48% of cases, followed by ATEX-related risks (15%), while water damage accounted for 25% of claim frequency. 

As loss activity intensifies, insurers are not lowering their underwriting standards they are shifting their focus. Detailed knowledge of industrial processes, fire protection measures and the actual condition of equipment has become a prerequisite for underwriting. 

2026 property insurance premiums : the market is softening, but not for every industrial risk  

Since 2017, the French large corporate risks market has experienced a sustained hardening of pricing conditions. Between 2019 and 2025, some insureds saw premiums increase by as much as 250%, with deductibles reaching up to 50% of insured value. 

The fourth quarter of 2024 marked a turning point. Property insurance rates fell by 9% globally and 8% in Europe, marking the sixth consecutive quarter of decline. In France, large corporate accounts are benefiting from increased competition among insurers. Premium reductions of 5% to 10% are achievable for the best-performing risks. Two-year Long-Term Agreements (LTAs) are also making a comeback, while the strongest risk profiles may be able to secure three-year agreements. 

More challenging risk classes including food processing, unsprinklered wood and paper facilities, waste and recycling, lithium-ion batteries, and surface treatment continue to face premium increases of 10% to 20%, with some risks still proving difficult to place. 

The difference between a risk that benefits from the softening market and one that continues to face tougher conditions often comes down to just two factors: adequate sprinkler protection and the quality of the underwriting submission. 

Industrial underinsurance in 2026: the silent drift in insured values and its real-world consequences 

IRI and IBM 2026: understanding indexation to mitigate underinsurance risk 

Underinsurance is one of the most insidious risks in insurance program management. It develops gradually as reconstruction costs rise while insured values fail to keep pace. 

The Industrial Risks Index (IRI), published by France Assureurs, reached 7,407 on 1 April 2026, up 1.1% year on year. The Machinery Breakdown Index (IBM) stood at 1,338.9, an increase of 2.1%. These annual increases may appear modest, but they follow the sharp inflationary pressures seen in 2022 and 2023. A company that has not updated its insured values since 2019 or 2020 could therefore be underinsured by 20% to 30% without realizing it until a loss occurs. 

Underinsurance and overinsurance: two sides of the same risk for industrial companies 

An industrial building is insured for €800,000, while its actual value is €1 million. If a loss causes €150,000 in damage, the insurer would pay €120,000, leaving the company to absorb the remaining €30,000 not because of a specific exclusion, but simply as a result of the policy terms. 

The largest discrepancy identified by SENOEE during a pre-loss survey was a fivefold difference in value, representing a gap of several tens of thousands of euros. 

The opposite issue also exists. Whether through excessive caution or a lack of methodological consistency, insured values that are overstated by 20% to 50% can directly increase premiums without providing any additional coverage benefit. The largest discrepancy identified by SENOEE during a pre-loss survey was 40%, on assets worth several hundred million euros. 

In both cases, the gap between declared and actual values remains invisible in reporting until the moment it matters most. 

Industrial insurance submissions: how technical data can make a difference to pricing in the large corporate risks market 

This is one of the most significant trends shaping the current market cycle, yet it is rarely stated so explicitly. Large corporate risk insurers are no longer satisfied with standard underwriting declarations alone. They increasingly require detailed engineering data, including sprinkler protection, ICPE compliance, the maintenance status of critical equipment and precise asset locations. 

Sprinkler protection remains a critical factor for industrial risks in the large corporate property insurance market. A high-risk facility without sprinkler protection may face premium increases of 10% to 20%, higher deductibles or even difficulty securing coverage. Conversely, a well-documented risk prevention plan can result in premium reductions of 5% to 20%. This difference alone can more than justify the investment required to structure and maintain high-quality risk data. 

Insurers’ risk appetite in 2026 varies significantly by sector. Some industries including energy, data centers and pharmaceuticals are attracting strong insurer interest. Others, such as sprinkler-protected food processing and automotive risks, remain subject to more selective underwriting. At the more challenging end of the market, waste and recycling, lithium-ion battery risks, and unsprinklered wood and paper facilities remain difficult to place. 

For companies operating in more selective or difficult-to-place sectors, the quality of the underwriting submission can often make the difference between securing coverage and having a risk declined. Even in sectors where insurer appetite is strong, it can determine whether a company secures the best available terms or simply receives standard market conditions. 

What the 2026 large corporate risks market means for insured value management in practice  

These four trends point to the same conclusion: in the 2024–2026 large corporate risks market, competitiveness is no longer driven by pricing alone. The quality of documentation, depth of analysis and, above all, risk prevention have become equally critical. 

Companies securing the best terms in the current market cycle are those that have invested in the quality of their asset data: up-to-date values based on consistent valuation methodologies, structured technical data, and clear, defensible underwriting information across all sites. 

Companies that have not done so will not automatically benefit from the market shift. They will continue to face tougher terms, without always understanding why. 

Technical data has become a strategic asset. Not an optional advantage, but a prerequisite for securing the best terms the market currently has to offer.  

Assess the accuracy of your insured values with SENOEE’s teams today. 

Request an assessment of your insured values 

Sources used: France Assureurs, Bilan Dommages aux Biens TRE 2024 (August 2025) · France Assureurs, IRI/IBM Indexation Indices (April 2026) · Marsh, Global Insurance Market Index Q4 2025 · Verlingue, Panorama Assurances Entreprises 2026 · Swiss Re, Natural Catastrophe and Reinsurance Market Reports 2025 · AXA XL, Market Guide France 2025–2026 · French Senate Report on the Insurability of Industrial Risks (June 2025) · 2025 French Finance Act (CatNat surcharge) · Mes Solutions Mercer, 2026. Not all of these sources were used in this summary.