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Property catastrophe reinsurance rates rose by 26 percent at the 1 June renewals, according to the London broker. -
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.
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Aggregate market pricing could now be up 30 percent, with distressed clients forced to pay considerably more.
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Umbrella covers and commercial property "hardening at fastest pace since 9/11”.
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The use of exclusions could leave the personal assets of directors at risk in the event of legal action.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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The agency affirms the entity's ratings after the collapse of its deal to buy PartnerRe.
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The ratings agency is reviewing the impact of Floridian insurers’ reinsurance buying at 1 June.
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The Californian insurer said rising reinsurance costs were digestible.
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There are “massive concentrations of risk”, one panellist at Insider US warned.
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John Howard says an earlier estimate indicates carriers are under-reserved in casualty by about $100bn.
