January 2018/2

Reinsurers were able to achieve modest rate increases on loss-free marine accounts at 1 January despite a growing consensus that third quarter cat losses had fallen short of early fears.

As the dust settles on the 1 January reinsurance renewals, further evidence has emerged of improving conditions for underwriters of US casualty and professional lines treaty business.

Property catastrophe reinsurance renewal pricing came in below the levels hoped for by reinsurers, as the relative attractiveness of the class for traditional players and the efficiency of the ILS funds in reloading dampened post-loss rate rises.

"I've been down so goddamn long that it looks like up to me." So sang Jim Morrison on the Doors' last studio album LA Woman.

The commercial insurance market experienced a market-changing year in 2017 that should drive a broad turn in pricing, according to Sompo International global insurance CEO Jack Kuhn.

After a mixed 1 January renewal for reinsurers, signs are emerging of improving prospects for underwriters in the US commercial insurance sector as traction begins to build slowly on pricing.

Steamship Mutual, Korean insurer Hanwha, and PICC all lead covers that have exposure to the major shipping accident at the weekend involving the Iranian oil tanker The Sanchi, The Insurance Insider understands.