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Reinsurers demand exclusions and rate rises in all classes amid pandemic uncertainty. -
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.
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Underwriters point to gentle rate increases at mid-year but expect dramatic turn at 1 January.
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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.
