-
The CEO reports “forward momentum” after recording strong rate and GWP growth.
-
The broker reports a hardening in all major US lines but high levels of uncertainty. -
This is just 26% of theoretical capacity of $3bn and has led to major clients self-insuring parts of their programmes, according to Willis.
-
Carriers are imposing 7.5%-10% rate rises on accounts with less than $1mn premium, the broker finds.
-
The reinsurers point to falling interest rates and loss experience as the basis for further hardening.
-
Lower capacity will have an effect, but the company hopes to avoid severe retro rate rises.
-
Rate movement is positive and sustained, but has been overshadowed by a string of major losses.
-
The CEO said future uncertainty and the “enormity” of corporate debt posed a significant challenge for the insurance sector.
-
The broker said that club members had suffered in both a business and personal sense during the pandemic.
-
Underwriters are adjusting underlying exposures to push for rate while keeping premium increases modest for cash.
-
A memo circulated to brokers indicates the extent of the hardening underway in the London D&O market.
-
While brokers surveyed estimated rate rises of 5% to 10% over the last 12 months, underwriters’ estimates ranged from flat to up 30%.
