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There is a nervousness among both brokers and underwriters around what compounding rate rise may mean for appetite for the product. -
For the SPAC market, sources said that prices should continue to harden, while D&O rates are expected to stabilize amid a capacity flush.
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Sources said there was still uncertainty over whether the 2021 underwriting year would turn a profit.
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New markets have reset the balance between supply and demand in the market.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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The broker said that the there was an increased differentiation in pricing compared to 2021.
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Rates are up modestly across the board but reinsurers are "under pressure" to improve profitability.
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The prospect of higher reinsurance costs, an inflationary environment and concerns over cat pricing are fuelling the underwriter argument for more rate in 2022.
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Reinsurers anticipate lower increases than last year but maintain pressure for rate in inflationary environment.
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The market was divided about the outlook for 2022, with some predicting a substantial reduction in rates.
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The pricing outlook is murky with few FoTs in the market, but payback for Bernd is certain.
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Primary rates move before reinsurance, cedes fall in a hard market and cat is subsidised by casualty.
