Just moving onto the market, we’re seeing continuation of the trends that we saw in the first half of the year. And there continues to be an abundance of profitable opportunities across our portfolio, but particularly as we’ve seen recently in our short tail and reinsurance segments. But within these segments, even within these segments, I mean, rates and conditions vary by line and by territory. In terms of the bright spots and I know that earlier, these are property — these are in property, engineering and political violence lines within the short tail segment, but all lines are holding up relatively well with the exception of General Aviation. But overall within the short tail segment, we’ve seen cumulative net rate increases of over 9%, and this is fairly steady with what we’ve been seeing since the beginning of the year.
Again, there’s a lot of variation by line of business. For example, properties, seeing overall increases of a little bit more than 15% with the higher rate increases in the U.S., lower levels of increases in some other — in other regions and in some regions, we’re actually seeing reductions. We are closely monitoring the tragic events currently unfolding in Palestine and Israel. And while we do have some exposures in that region, we don’t expect any material losses arising from the situation as it stands now. So all in all, the landscape for short tail remains very encouraging with lots of opportunity and strong rate momentum. In our treaty reinsurance business, we saw cumulative net rate increases of more than 26% in Q3, and we definitely expect that strong momentum to continue as we head into the January 1st renewals.
There continues to be plenty of opportunities to write new business and maintain this portfolio as we said earlier at around 10% of our overall book. Story in the long tail segment is not dissimilar to what we’ve mentioned in the last couple of quarters. Rates continue to trend downward but mostly in an orderly fashion. Overall cumulative net rates remain above flat for the overall segment to marginally down, but like other areas of our business, there’s much variation by line. I noted in last quarter’s call that most of these lines have had compound rate increases well over a 100% in the last three to four years and some excess of 150%. So while rates are coming down, they’re coming down from decently high levels, and as a result, largely remain more than adequate.
We’ve seen renewal rates most pressured in D&O and FI, Financial Institutions, where there’s a greater degree of margin compression, and therefore a higher degree of contraction in those books. We will continue, as ever, to take a cautious and selective approach to this business. Looking at our geographic markets, it’s not surprising that the U.S. continues to outpace all of the markets with rate increases more than 20% in the lines that we’re writing. Reminder that they are all short tailed. In the first nine months of the year, we’ve written close to 73 million in gross premium in the U.S., which represents growth of about almost 40% from the same period last year. In Europe, we wrote over $53 million in the first nine months versus 34 in the same period last year, and we expect to see further opportunities in 2024 in that area.
You’ll recall that earlier this year we acquired an MGA based in Oslo, and we’re currently building out a team in order to expand our relationships there in the Nordic market and the product offering and our product offering. So, that’s an area to focus on going forward for us. Latin America continues to show healthy rate momentum while Asia is improving. It’s not responding as impactfully as we had anticipated. In the Middle East, where we’ve got a broad and diversified risk portfolio representing a little less than 10% of our overall premiums, market conditions are quite mixed with evidence of increasing competitive pressures in line. But there are still pockets of opportunities particularly in engineering and construction across the GCC.
In summary, we remain very optimistic with the current market overall and opportunities for us to expand our portfolio. We will continue as always to maintain our focus and remain selective so that we continue on the very positive and profitable growth trajectory that we’re on. I would just like to take a moment to congratulate all people of IGI. We’re now more than 400 people spread across eight offices around the world. Our teams have remained steadfast to focus on the task at hand, the strong collaboration and cooperation underpinning consistently solid execution. This is critical to our ability to achieve the results you’re seeing from us today and what is driving our successful track record at IGI. So, I will pause here and we’ll turn it over for questions please.
Operator, we’re ready to take the first question.
Operator:
Wasef Jabsheh: Well, thank you all for joining us today and thank you for your continued support of IGI. If you have any additional questions, please contact Robin and she’ll be happy to assist. Have a good day everyone.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
