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Accounts with poor performance records are expected to see flat to 20% rate increases for cat coverage, according to Floridian broker Brown & Brown’s Q3 Market Trends report. -
Availability of ILS has so far fulfilled investor demand.
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Reinsurers were more willing to support lower layers ahead of 1 July, the broker said.
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The broker said another strong year would drive pressure for “reasonably significant rate reductions” next year.
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Mid-sized 2023-24 cat losses versus ready capacity held the market in equilibrium.
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Challenges such as climate change and civil litigation remain troubling.
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The ratings agency noted robust profit margins for reinsurers.
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Self-insurance has taken $25bn more premium out of the market than five years ago.
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The hard market has not burst the MGA bubble – and now interest is on the rise again.
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From here on out, insurers will likely have to rely on the strength of their individual stories.
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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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Transatlantic competition, rising valuations and price undercutting set a challenging scene.
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