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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.
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Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
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Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
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Hiscox’s London market rate rises decelerated from 20% in 2020 to 13% in Q1.
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Sources said pandemic rate inflation and increases in exposure could lead to rates tapering off after years of increases.
