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Evan Greenberg addressed questions about property cat reinsurance on a Q1 earnings call. -
This was the highest single-year increase for the US index since 2006.
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The executive noted that the quarter marked the 21st quarter of rate increases.
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Only D&O and workers’ compensation clients experienced price decreases during Q3, according to WTW.
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The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing.
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The company will fund the raise from surpluses following bancassurance exits.
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Inflation and a full post-pandemic return to shipping are expected to impact future claims.
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The risk is increasing of some cedants ‘running naked’ in early January as the market faces a ‘horrendous bottleneck’ of negotiation ahead.
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While competition is picking up, a likely rise in claims during a recession is likely to prevent a return to a soft market.
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Rates began falling at the mid-year but loss activity has changed the mindset of underwriters.
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Rate rises were anticipated by brokers amid inflation and investment market volatility.
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Real non-life premiums are forecast to grow by 1.8% in 2023 and 2.8% in 2024.
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