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Plus, an in-depth look a pressure on the FCA and PRA and all the top news from the week. -
Sources described Australia as ‘the new Florida’ while US rates are also on the rise.
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Sources in the market estimated the average risk-adjusted rate increase at the 1 June renewal at around 5%, with a similar trajectory expected for 1 July accounts.
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The ratings agency said the run-off sector is set to remain highly competitive over the coming years.
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A reduction in incidents linked to better resilience and the Ukraine war may temper cyber price increases, the broker said.
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The agency affirmed the carrier’s Insurer Financial Strength rating at AA-.
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The broker said the war in Ukraine and loss cost inflation were adding pressure to an already challenging market.
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The impact of the war in Ukraine has led to a drop-off in IPO activity, which many carriers were relying on for growth.
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On an investor call for the broker’s Q1 results, Marsh McLennan COO John Doyle indicated overall pricing trends for Q1 ahead of the full index.
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Aon’s E&O and Cyber Market Review found that between Q1 2019 and Q4 2021, ransomware attacks surged 323%.
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WTW forecasts that cyber rates could increase by 100% to 200% for heavily exposed industries.
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The ratings agency warned that the fallout from the conflict in Ukraine could also have an indirect economic impact.
