-
A report by the ratings agency shows cyber insurance pricing has risen by 11% in Q1. -
The broker’s UK CEO said the current rating environment is ‘eminently supportable’ for London carriers.
-
The executive said IGI is seeing similar trends in treaty rate renewals during the second quarter of the year.
-
The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
-
Most lines continued to record price increases, with global rates being propelled largely by rising rates in property insurance.
-
The broker said pricing reductions might decelerate throughout the year if carriers perceive increased risk.
-
Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.
-
Mark Cloutier set out Aspen’s plans for top-line 2023 growth in the range of 10%, and a continued strategy of pursuing rate rather than exposure growth in property cat.
-
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.
