European Insurance News & Views "European Motor CPI April update / Sabre..."

Research evidence excerpt

European Insurance News & Views "European Motor CPI April update / Sabre..."

Global Research

22 May 2026ab

European Insurance News & Views Equities

Europe including UKEuropean Motor CPI April update / Sabre read-

across Financial

Qian Lu

Analyst

qian-za.lu@ubs.com

Headline: European Motor CPI April update / Sabre read-across +44-20-7567 4657

Will Hardcastle, CFA

We provide latest Motor insurance pricing vs inflation screens for major European Analyst

markets based on April ECB CPI data. UK Motor insurer Sabre (not covered) provided a will.hardcastle@ubs.com

4M trading update yesterday (see here). We summarise key takeaways for UK Motor +44-20-7567 9763

insurers below. Nasib Ahmed, FIA

UBS Summary: nasib-za.ahmed@ubs.com

+44-20-7568 8231

Chloe RyanEuropean Motor: 1. Pricing: Interestingly, across almost all countries we monitor, there

Associate Analyst

was a modest uptick in pricing YoY observed in April relative to March, pausing the

chloe.ryan@ubs.com

downward trend we have seen over the past few months as pricing passed peak levels +44-20-7567 3505

across Europe. This, in our view, could be driven by insurers starting to factor in

inflationary risk from the Middle East conflict and/or monthly data volatility. We note the

messaging from European Retail insurers at Q1 results was somewhat aligned around

cautiously monitoring loss trends and being ready to price in inflationary risks if needed.

The CPI data suggests Motor pricing is still in excess of inflation across all major markets

(see Fig 1-10), but we highlight that European Insurers' Q1 updates somewhat suggest

Retail P&C pricing is now broadly in line with inflation overall, if not modestly above,

with a few markets (e.g. Germany, Spain, Norway and Switzerland) still running ahead.

2.