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Underwriters point to gentle rate increases at mid-year but expect dramatic turn at 1 January. -
The broker foresees price increases into 2022 and beyond.
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The early renewal approach has been met with opposition from Lloyd’s reinsurers.
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The prospect of a fourth consecutive year of underwriting losses and Covid-19 uncertainty has spurred additional rate momentum since January.
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Economic uncertainty has impacted pricing, but deal activity continues to progress, says NFP’s Carl Nelson.
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The spectre of wholesale trapping of capital ahead of 1 January is further dislocating the market.
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Deals got home but with modified structures and steep rate hikes.
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The Florida-based insurer’s spend rose by 17 percent to $262mn.
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The carrier retained more risk in the first layer of its programme.
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Property catastrophe reinsurance rates rose by 26 percent at the 1 June renewals, according to the London broker.
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Underwriters were unable to push through rate rises of more than 5 percent at 1.6 as the oil price crash impacted available spend
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Rates are up 20% at a minimum, with T&Cs tightening and deals restructured to suit subscription players.
