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On an investor call for the broker’s Q1 results, Marsh McLennan COO John Doyle indicated overall pricing trends for Q1 ahead of the full index. -
Aon’s E&O and Cyber Market Review found that between Q1 2019 and Q4 2021, ransomware attacks surged 323%.
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WTW forecasts that cyber rates could increase by 100% to 200% for heavily exposed industries.
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The ratings agency warned that the fallout from the conflict in Ukraine could also have an indirect economic impact.
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The action follows the news that Brickell PC Insurance Holdings would acquire the remaining shares in R&Q for £482mn ($632.4mn).
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Cat de-risking and asset revaluations have also been key features of this renewal.
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Inflation is now a key concern in every line of business, the broker said.
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There is a tension between securing payback and negotiating higher retentions.
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Wind excess-of-loss treaties renew with gains between 2% and 5% in “underwhelming” renewal.
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Sources have also said capacity is reaching its limit as the appetite to large credit and political risk polices decreases.
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The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
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The firm adjusted 2022 projected revenues for the acquired Willis Re book down by $10mn from its 2020 figures due to forex and Ukraine changes.
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