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Rate rises were anticipated by brokers amid inflation and investment market volatility. -
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.
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Cedants may find past behaviour coming back to haunt them, while brokers should be preparing in depth to achieve simplicity.
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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.
