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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.
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The executive also recommitted Aon to its mission around creating net new markets – including growing IP – in the wake of the Vesttoo issues.
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The ratings agency also affirmed Swiss Re’s ‘AA-’ rating, with the carrier expected to maintain an ‘AA-’ rating through 2024.
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The broker said that rates were largely flat thanks to insurer appetite and competition.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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A “little flurry” of new capacity helped the mid-year renewals as reinsurers pushed to deploy at the last chance for 2023.
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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.
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Despite reinsurers’ concerns over social inflation and loss trends, capacity remains abundant in both quota share and XoL deals, sources say.
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The broker said increased reinsurance costs had not been passed onto customers.
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The carrier is increasing underlying rates to counter increased reinsurance costs and inflation.
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The broker said clients could save money, increase limits and buy extra coverage.
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A report by the ratings agency shows cyber insurance pricing has risen by 11% in Q1.
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The broker’s UK CEO said the current rating environment is ‘eminently supportable’ for London carriers.
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The executive said IGI is seeing similar trends in treaty rate renewals during the second quarter of the year.
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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.
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Most lines continued to record price increases, with global rates being propelled largely by rising rates in property insurance.
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The broker said pricing reductions might decelerate throughout the year if carriers perceive increased risk.
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Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4.
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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.
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Sources said they were seeing more verticalisation of placements in the energy market, particularly in the downstream segment.
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WTW said driver shortages continue to force contractors to use younger, often less experienced drivers, potentially putting upward pressure on losses.
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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.
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Intermediaries have highlighted the ‘evolution’ in reinsurance buying as hard market conditions are expected to continue.
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Hamilton Re said early signs point to 25%-30% rate rises on Japanese wind.
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