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Global insurance premiums reached an all-time high of $15.3bn by year end 2024. -
All-risks premium increases are now understood to be in the 15% to 20% range.
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The chief of market performance urged underwriters not to follow the herd.
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Despite 2025 losses, carriers have not secured desired rate increases.
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Willis reports that the mining market has softened at a ‘considerable rate’ this year.
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The sector also faces a potential $700mn loss from a fatal Indonesian mining catastrophe.
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Loss activity in the upstream market remains benign, adding to softening.
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The agency cited moderating premium growth and selective underwriting capacity as factors behind the downgrade.
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Executives also agreed that facilitisation is a structural market change.
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Innovation emerged as the critical target for attracting new business to London.
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The Aspen exec highlighted the London market’s long-standing reputation for innovation.
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Patrick Tiernan was addressing 400+ delegates at the London Market Conference.
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