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The market is conceding some ground on wordings, after a tightening of conditions post-Ukraine. -
Global insurance premiums reached an all-time high of $15.3bn by year end 2024.
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All-risks premium increases are now understood to be in the 15% to 20% range.
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The chief of market performance urged underwriters not to follow the herd.
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Despite 2025 losses, carriers have not secured desired rate increases.
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Willis reports that the mining market has softened at a ‘considerable rate’ this year.
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The sector also faces a potential $700mn loss from a fatal Indonesian mining catastrophe.
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Loss activity in the upstream market remains benign, adding to softening.
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The agency cited moderating premium growth and selective underwriting capacity as factors behind the downgrade.
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Executives also agreed that facilitisation is a structural market change.
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Innovation emerged as the critical target for attracting new business to London.
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The Aspen exec highlighted the London market’s long-standing reputation for innovation.
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Patrick Tiernan was addressing 400+ delegates at the London Market Conference.
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From top-line challenges to finding new ways to scale, 2025 has been a year of market shifts.
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Rate decreases are often in double digits, but high loss trends and systemic risk persist.
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Brokers may encourage clients to capitalise on falling rates by boosting coverage.
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Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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Property underwriters are ‘competing fiercely’ to access mining risks.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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The veteran underwriter said market conditions are still ‘robust’.
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Global pricing is now 22% below the mid-2022 peak.
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Cedants target methods of reducing pressure on earnings as reinsurers chase growth.
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Geopolitical turbulence brings new challenges that primary specialty lines carriers urgently need to address.
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