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Growth vs discipline, smart follow and M&A mean 2025 will be a mixed bag for London. -
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Fidelis 3123 and NormanMax 3939 were the first syndicates to adopt modifications.
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The D&F market now expects 2025 renewals to be flat to down 5%
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The A&H market had improved performance between 2020 and 2023.
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The loss of premium income from Glencore is expected to add to competitive pressures running up to 1 January.
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Credit insurers may need to adapt their business mix, client base and types of deals underwritten to stay relevant.
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Achieving profitability is increasingly challenging in the volatile but historically lucrative market.
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Risk managers are increasingly concerned about insurability.
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Some reinsurers are considering frequency protection products.
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Assuming Munich Re takes roughly a 3% market share of hurricane losses suggests a ~$20bn industry loss for Helene.
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A canvassing of the market showed some bifurcation on the necessity of a government backstop.
