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Cedants may find past behaviour coming back to haunt them, while brokers should be preparing in depth to achieve simplicity. -
Winter storms in the first half of 2022 are expected to result in claims totalling EUR1.4bn.
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Reinsurers are demanding price increases and higher retentions as brokers warn cedants to be ‘realistic’.
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Reinsurers and brokers alike have warned of a rocky 1.1 renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.
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Marsh CEO Martin South added that the broker expected to see property rates easing, but "the reverse is going to be true."
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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Munich Re board member Thomas Blunck warned inflation will remain high in 2023, driving up loss costs.
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The move reflects the ratings agency’s downgrade of majority owner Fosun last week.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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Sources said that some entities were exhibiting “sheer desperation” to hit 2022 plans, driving down prices.
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In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.
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The ratings agency predicts a combined ratio of 95.2% for the companies on its watch this year.
