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Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news. -
Blenheim’s withdrawal from property treaty highlights questions around London’s role as a reinsurance centre of excellence.
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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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Softening cat bond rates are among the bearish signals for cat rates, but latent new demand and still-cautious supply should prolong reinsurer gains.
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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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Insurers have been hoping that higher interest rates would signal a new era, but not all commentators agree there has been a paradigm shift.
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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.
