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Primary insurance rate increases were 10% for property in Q1 compared to 7% in Q4. -
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.
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The outlook is based on a strong pricing environment and higher interest rates, but the ratings agency warns of changing climate trends, and social and economic inflation.
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Lloyd’s has drawn attention to an improved attritional loss ratio in 2022, warning the market that it would be “very difficult to get back” if it slips.
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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.
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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.
