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Growing competition for UK property business kept price increases in check during the quarter. -
The carrier's president said in some areas of the market, (re)insurers are dropping pricing too soon.
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Business placed in the region had shown the sharpest increases, but is also recording the fastest deceleration.
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The broker said the conditions were the most attractive since hardening began in 2018.
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The market has recently been stung by several large anticipated claims, with cat season looming.
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Joe Petrelli said Demotech would continue to follow its independent methodology, despite outside pressure.
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In a post-results media call, Beazley CEO Adrian Cox also noted that an expected increase in cyber claims had not yet “manifested”.
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The forecast for real-term premium growth was depressed by anticipated claims inflation.
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Claims inflation and the risk of a major marine war loss crystalising in March 2023 is looming over an otherwise buoyant marine market.
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Plus, an in-depth look a pressure on the FCA and PRA and all the top news from the week.
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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.
