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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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Retentions and coverage could be affected by future adverse claims trends.
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The executive said that adequate rates were encouraging insurers to grow.
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The broker said softening was emerging in some lines, but cat risks remain challenging.
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Falling rates in finpro and increased competition in property drove the trend.
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The ratings agency also affirmed the reinsurer’s A- FSR rating.
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Property rate increases decelerated to 6% in Q4, compared to slowdowns of 7% in Q3 and 10% in Q2 2023.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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Profits are expected to widen thanks to improved rates and higher average attachment points.
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Delegates at our annual London Market Conference (LMC) described the market as “transforming” and “exciting”.
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The revision reflects Swiss Re's "strongly improved financial performance and better capitalisation and leverage”, the ratings agency said.
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The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.
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The revised status follows the recent announcement that R&Q Insurance Holdings has agreed a sale of its Accredited program.
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E+S Rück said that natural disasters and persistently high inflation have again "taken a toll" on the German insurance industry.
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Loss severity and prior-year development in US casualty dominated discussion at The Broadmoor.
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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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The broker said that rates were falling but remained well above soft market levels.
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There has been no let-up in rate reductions so far this year, as fears mount about the profitability of the class.
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The market has quickly moved away from dramatic hardening in 2020 and 2021 following an influx of capacity.
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Evan Greenberg addressed questions about property cat reinsurance on a Q1 earnings call.
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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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In Q3, 46% of primary policies renewing with the same limit and deductible received a price decrease, while 16% received a price increase, according to Aon.
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Cyber saw the biggest increase in the quarter, while financial and professional lines saw a slight reduction.
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Winter storms in the first half of 2022 are expected to result in claims totalling EUR1.4bn.
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Reinsurers are demanding price increases and higher retentions as brokers warn cedants to be ‘realistic’.
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Reinsurers and brokers alike have warned of a rocky 1.1 renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.
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Marsh CEO Martin South added that the broker expected to see property rates easing, but "the reverse is going to be true."
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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Munich Re board member Thomas Blunck warned inflation will remain high in 2023, driving up loss costs.
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The move reflects the ratings agency’s downgrade of majority owner Fosun last week.
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In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.
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The ratings agency predicts a combined ratio of 95.2% for the companies on its watch this year.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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A report warns that recent rate increases may not be enough to protect against headwinds.
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A Moody’s survey of reinsurance cedants found most are expecting cat rate increases to remain in a high-single-to-low-double-digit bandwidth.
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The carrier's president said in some areas of the market, (re)insurers are dropping pricing too soon.
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Business placed in the region had shown the sharpest increases, but is also recording the fastest deceleration.