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The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions. -
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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New supply is entering the market after a remediation phase, but waning demand for London capacity is set to create pressure on pricing.
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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.
