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RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.
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The broker said there were signs the downstream market was “topping out” after several years of major hardening.
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International insurance broker Howden said rising ransomware losses represented a “digital pandemic” that have helped to drive average global cyber insurance rates up 32% year-on-year.
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Reinsurance rate increases are tapering off, but the recent influx of capacity will not cause pricing to “fall off a cliff” thanks to continuing market discipline, according to Willis Re’s James Vickers.
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Carriers also reported premium expansion and improved solvency during the quarter.
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The London market has seen a marked slowdown in specialty insurance rates year-on-year, in the latest evidence that the recent upswing in rates is starting to lose steam after three years of acceleration.
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The level of price increases was lower than the 10% rise reported in the fourth quarter of 2020.
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The Indian state-backed reinsurer has taken action to improve underwriting performance.
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The intermediary also warned that inflation headwinds could affect the future cost of claims.
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Reinsurers are clamouring for proportional business, while maintaining excess-of-loss rate rises at 1 January levels.
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Double-digit rate rises are still expected in the class, but not at the same scale as seen in 2020.
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The start-up carrier still plans to write more excess-of-loss business overall.
