Seizing Opportunities in a Softening Insurance Market: Insights from Gallagher Sheffield

12th March 2025

In May 2024, Emma Thornton, Managing Director for Gallagher insurance brokers in Sheffield, explained whether better days were on the horizon for the insurance market. Fast forward to early 2025, and we are already seeing some relief for businesses.

Property and casualty insurance is experiencing some rate reductions, while financial lines continue to soften. There is also light at the end of the tunnel for motor insurance. Having gone through rate increases over the past couple of years, we expect motor rates to come down this year. Similarly, in the case of cyber insurance, rates are relaxing, as well as the rules around security protocols needed to secure cover, such as having full Multi-Factor Authentication (MFA) in place. These favourable market conditions are expected to continue throughout the year—and potentially beyond.

Some Challenges Closer to Home

In Sheffield and across the wider Yorkshire region, businesses face increasing difficulties in obtaining flood cover due to extreme weather events. Additionally, many clients are telling us that attracting and retaining staff—combined with a shortage of experienced workers—is adding further strain to business operations in the area.

Emma Thornton, Managing Director – Gallagher Sheffield office

Maximising Balance Sheet Protection

A softening insurance market presents businesses with greater flexibility at renewal, creating opportunities to transfer more risk off their balance sheets. We are already seeing local businesses take a more strategic approach to buying insurance—reassessing sums insured, policy limits, deductibles, and business interruption protection to ensure their coverage aligns with their evolving needs.

Additionally, with the savings achieved on insurance premiums due to the softer market, we are encouraging clients to strengthen their risk management strategies. This includes exploring cyber risk management, trade credit insurance, and fleet management solutions—helping businesses further mitigate risks and position themselves more favourably for future renewals.

Supporting Local Businesses with Global Expertise

Account Executives Laura Booth and Scott Simpson from the Gallagher Sheffield office

As the largest insurance broker in Yorkshire—and 3^rd largest globally—Gallagher brings deep expertise in helping businesses navigate shifting market conditions. While our global reach allows us to negotiate and tailor coverage to our clients’ needs, our Sheffield office remains dedicated to providing a highly consultative and personalised service—something we take great pride in.

Gallagher has a long history of serving businesses and individuals in Sheffield, evolving through a series of mergers and acquisitions. Some readers may recall names such as Hart Owens, Sheafmoor, and Oval—many of the colleagues who once worked for these local brokers are now part of Gallagher.

More recently, our team has grown with the addition of two experienced Account Executives  Scott Simpson and Laura Booth as well as Nell Smith, who joined our apprenticeship scheme last year. Expanding our local expertise allows us to further enhance the service we provide—helping businesses of all sizes manage risk more effectively, secure appropriate protection for their future, and strengthen our position in becoming the ‘go-to’ broker in the region.

Contact the Gallagher Sheffield team today to find out how we can support your business with tailored insurance and risk management solutions.

Scott Simpson – Account Executive, scott_simpson1@ajg.com

Laura Booth – Account Executive, Laura_Booth@ajg.com

T: 0114 290 1111