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Joe Petrelli said Demotech would continue to follow its independent methodology, despite outside pressure. -
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.
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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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