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Double-digit rate rises are still expected in the class, but not at the same scale as seen in 2020. -
The start-up carrier still plans to write more excess-of-loss business overall.
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Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
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Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
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Hiscox’s London market rate rises decelerated from 20% in 2020 to 13% in Q1.
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Sources said pandemic rate inflation and increases in exposure could lead to rates tapering off after years of increases.
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Underwriters voiced a cautious optimism about the outlook for 2020, but warned that the class was moving from a low point.
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The French carrier grew its top line by 14.3% at the April renewals.
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The broker’s latest report points to big opportunities in cyber re and retro.
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Losses for 2020 were below average and capacity is stable, but the pandemic is likely to complicate deals.
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Offshore construction business can attract rates of up to 75%, compared with 5% rises in exploration and production.
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The executive says the carrier made strides last year in its underwriting and is well positioned for growth.
