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Prices are surging as a result of heightened risk but coverage remains readily available for shipowners. -
In the second part of our themes for 2024 outlook, we explore how fear of missing out in cat reinsurance is still contrasting with an upstreaming of risk that is creating fallout for primary insurers, while momentum in facilitisation and ESG continues.
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In the first section of our two-part outlook for 2024, we explore why macro-economic concerns are taking a step back, though casualty pricing micro-cycles highlight ongoing caution.
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Reinsurers are making some adjustments to secure target signings but appetite to grow is finely balanced.
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Well-priced top layer cat risk is in demand, leaving reinsurers watching the market carefully for any signs of decline.
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The lack of momentum reflects on a general belief that underlying casualty business is well-priced for current years.
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The PV market is facing yet another battle with reinsurers as they continue to restrict coverage, tighten definitions and exclude geographies.
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Sources said that there was still rating adequacy in the market, but that further pricing falls would be unsustainable.
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Howden was the most active acquirer as people-move activity peaked in Q2, this publication’s data showed.
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Anticipations of a tug-of-war around a ‘flat to slightly up’ pricing renewal have indeed come to fruition.
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Mass construction in remote locations is throwing up challenges around modelling exposures.
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Sources said that with heightened geopolitical risks, pricing is already "much higher" than at any point in the last five years.
