Rates

The Corporation used its latest market message to call out what it saw as an “underwhelming” approach from specialty insurers to changing conditions and “moronic” D&O underwriting.

The executive also recommitted Aon to its mission around creating net new markets – including growing IP – in the wake of the Vesttoo issues.

The ratings agency also affirmed Swiss Re’s ‘AA-’ rating, with the carrier expected to maintain an ‘AA-’ rating through 2024.

The broker said that rates were largely flat thanks to insurer appetite and competition.

Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.

A “little flurry” of new capacity helped the mid-year renewals as reinsurers pushed to deploy at the last chance for 2023.

Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.

Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.

The broker said increased reinsurance costs had not been passed onto customers.

The carrier is increasing underlying rates to counter increased reinsurance costs and inflation.

The broker said clients could save money, increase limits and buy extra coverage.

A report by the ratings agency shows cyber insurance pricing has risen by 11% in Q1.