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The psychological wounds of the past were serious, and the sector’s redemption arc with capital will take time to play out.
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However, most P&C insurers will still miss their cost of capital targets and as a result, rate hardening and capacity constraints are expected to continue into 2024, according to Swiss Re.
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Industry sources view the letters of credit (LOC) fraud scandal at Vesttoo as a specific rather than systemic failure, with further scrutiny likely on LOC providers.
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Despite a successful upstreaming of cat risk to primary insurers, reinsurers still have multiple factors to worry about in the run-up to 1 January 2024.
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Property remained the largest class of business, whilst North America is an increasingly important income source.
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Plus this week’s executive moves and all the latest exclusives of the week.
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The pressure on catastrophe terms and conditions seen at the January 2023 renewals will likely not be repeated as renewals get more orderly in 2024.
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Some reinsurers are developing products and solutions for cedants’ newly retained risk under those higher attachment points, executives noted.
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The ratings agency said the reinsurance market was ‘the hardest in decades’ amid tightened terms and conditions as well as increased rates.
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Warehouse or science lab? Those tend to be two of the diverging views on Swiss Re, the oldest reinsurer, with a 160-year history.
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Super Typhoon Saola has the potential to be one of the five largest typhoons to land in Guangdong in over 70 years, according to reports.
