-
Adjusted for large renewals and IPOs, the pricing index rose 7.7% in the second quarter. -
RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.
-
Underwriters warned of a need to sustain profits and the risk of losses as plants are reactivated.
-
The broker said there were signs the downstream market was “topping out” after several years of major hardening.
-
International insurance broker Howden said rising ransomware losses represented a “digital pandemic” that have helped to drive average global cyber insurance rates up 32% year-on-year.
-
Reinsurance rate increases are tapering off, but the recent influx of capacity will not cause pricing to “fall off a cliff” thanks to continuing market discipline, according to Willis Re’s James Vickers.
-
Carriers also reported premium expansion and improved solvency during the quarter.
-
The London market has seen a marked slowdown in specialty insurance rates year-on-year, in the latest evidence that the recent upswing in rates is starting to lose steam after three years of acceleration.
-
The level of price increases was lower than the 10% rise reported in the fourth quarter of 2020.
-
The Indian state-backed reinsurer has taken action to improve underwriting performance.
-
The intermediary also warned that inflation headwinds could affect the future cost of claims.
-
Reinsurers are clamouring for proportional business, while maintaining excess-of-loss rate rises at 1 January levels.
