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The carrier reports lower-than-expected life claims linked to the pandemic.
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The broker’s Clips survey also recorded a significant acceleration in property prices. -
Covid-19 losses and other catastrophe events have exhausted the catastrophe budgets of many companies, the ratings agency said.
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Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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The carrier will be actively targeting excess lines on US-listed placements, where capacity has been shrinking.
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The ratings agency predicts further syndicate closures as Lloyd’s “loses patience”.
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Reduced passenger numbers have dented airline revenue, with some suggesting the imposition of minimum premiums.
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First-half executive commentary also reveals Hannover Re is allocating capital for growth as Scor continues portfolio review.
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Prices rise in every region for the seventh consecutive quarter, with the UK easily outstripping US growth.
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The carrier’s top team says price increases are now spilling over into loss-free lines and regions.
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Reinsurance, crisis management and art and specie are areas of opportunity, according to the Axa XL chief.
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Meanwhile, US GL underwriters fear the impact of Covid-19 litigation.
