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A trend of capacity withdrawals from the accident and health market preceding the Covid-19 outbreak has been compounded by a growing pushback on pricing and terms and conditions following the pandemic.
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Insurers’ ambitions cannot be sustained in a prolonged soft rating environment, the broker says. -
A spell of damaging losses has led to sustained positive rate movement in the sector.
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The number of risks bound on the platform rises 43 percent from the end of the first quarter.
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Unofficial industry watchdog AM Best has made some high-profile interventions over the last few months, culminating in its downgrade late last week of Indian State-owned reinsurance company GIC Re.
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But concerns remain over the aggregation of cruise liner risks as hurricane season looms.
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Wirecard collapse threatens huge loss; Apollo and Argo deals revealed; inside the AGCS turnaround.
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Rate increases should continue but may be increasingly fragmented by January 2021.
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Reduced exposures take the vertical limit on carrier’s cat programme down to A$6.5bn from A$7.2bn.
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Reinsurers demand exclusions and rate rises in all classes amid pandemic uncertainty.
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Hardening in the financial lines market has been exacerbated by fears over Covid-19.
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The equity research firm names Beazley as most exposed to the price growth within casualty because of its US hospitals business.
