Rates
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Transatlantic competition, rising valuations and price undercutting set a challenging scene.
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Retentions and coverage could be affected by future adverse claims trends.
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The Corporation is walking a tightrope between encouraging further growth whilst maintaining discipline.
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The executive said that adequate rates were encouraging insurers to grow.
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Attention is fixed on how competition will impact pricing in H2.
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Underwriters are pushing for rate rises, but competition is increasing.
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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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Sources said that the market was not sufficiently profitable to concede ground on pricing.
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The flight of reinsurers to mid- and upper layers of programmes is influenced by recent experience but softening at this level can be seen as a risky move.
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