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The broker expects a slowdown in price rises to continue for the rest of the year. -
The state body supporting earthquake cover has seen risk transfer requirements swell over the past decade.
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“When you deploy property aggregate, the return you need on that is meaningful in light of the risk that you’re assuming,” Zaffino said Thursday. “I’m not sure if a plus mid-single digit [rate increase] gets you there in light of the [loss activity] we’re looking at.”
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The Convex CEO said that the reinsurance market was yet to accept the true scale of its Covid-19 exposure.
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This current hard cycle in cyber is potentially a once-in-a-generation opportunity to engineer the product as fit for purpose.
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Reinsurance market tightening and loss ratio deterioration are two factors fueling momentum in cyber rates.
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Moody’s expects RMS, which had about $320mn in revenue around $55mn in operating income last year, to become accretive to earnings by 2025.
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The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.
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Adjusted for large renewals and IPOs, the pricing index rose 7.7% in the second quarter.
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RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.
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Underwriters warned of a need to sustain profits and the risk of losses as plants are reactivated.
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The broker said there were signs the downstream market was “topping out” after several years of major hardening.
