Rates

Sources said they were seeing more verticalisation of placements in the energy market, particularly in the downstream segment.

WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.

The outlook is based on a strong pricing environment and higher interest rates, but the ratings agency warns of changing climate trends, and social and economic inflation.

Intermediaries have highlighted the ‘evolution’ in reinsurance buying as hard market conditions are expected to continue.

Hamilton Re said early signs point to 25%-30% rate rises on Japanese wind.

The broker said that rates were falling but remained well above soft market levels.

There has been no let-up in rate reductions so far this year, as fears mount about the profitability of the class.

The market has quickly moved away from dramatic hardening in 2020 and 2021 following an influx of capacity.

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.

The executive noted that the quarter marked the 21st quarter of rate increases.

Only D&O and workers’ compensation clients experienced price decreases during Q3, according to WTW.