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The broker said a dearth of IPOs had created a “buoyant environment”, with both start-ups and incumbents competing. -
The company will fund the raise from surpluses following bancassurance exits.
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Inflation and a full post-pandemic return to shipping are expected to impact future claims.
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The risk is increasing of some cedants ‘running naked’ in early January as the market faces a ‘horrendous bottleneck’ of negotiation ahead.
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While competition is picking up, a likely rise in claims during a recession is likely to prevent a return to a soft market.
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Rates began falling at the mid-year but loss activity has changed the mindset of underwriters.
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Rate rises were anticipated by brokers amid inflation and investment market volatility.
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The Corporate Risk and Broking head of global lines of business said staff and client attrition has been reversed – and cast doubt on predictions of further specialty market hardening.
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Real non-life premiums are forecast to grow by 1.8% in 2023 and 2.8% in 2024.
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The aviation market took what is believed to be its largest-ever loss recently and court actions over Ukraine claims are ongoing, all contributing to a hard war market as all-risk renewals remain softer.
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In Q3, 46% of primary policies renewing with the same limit and deductible received a price decrease, while 16% received a price increase, according to Aon.
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Cyber saw the biggest increase in the quarter, while financial and professional lines saw a slight reduction.
