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Rates for London market business should continue to go up for the next "two to three" years as pricing remains too low, according to Hiscox CEO Bronek Masojada.
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Pricing for directors' and officers' (D&O) insurance is getting firmer, albeit slowly and in distinct areas, while industry executives are heartened that market leaders are walking away from business if they have to.
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Underlying results at Bermuda-based (re)insurers worsened in the fourth quarter of 2017, as the group's accident-year ex-cat loss ratio deteriorated year on year.
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Natural catastrophe-affected marine cargo business, North American property insurance and financial lines and product recall are likely to be among pockets of significant hardening within the primary insurance market this year, Willis Towers Watson's Marketplace Realities GB report showed.
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Loss-affected US property catastrophe insurance accounts are facing rate hikes of 20 to 25 percent, according to broker Willis Towers Watson.
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US property claims from third quarter catastrophes and the sudden change in the UK's personal injury discount rate helped to nudge up reinsurance rates at the 1 January renewals.
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Reinsurance rate rises ended up being pretty limp by the time 1 January came around.
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Scor Global P&C CEO Victor Peignet has predicted that increased discipline could be the legacy of 2017.
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Hannover Re is expecting full-year 2017 net income of approximately EUR950mn ($1.18bn), better than the previously anticipated EUR800mn, it announced this morning alongside renewals commentary.
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RenaissanceRe CEO Kevin O’Donnell has predicted that the positive rate momentum seen in 1 January will follow through to renewals in June and July, given the amount of loss-affected business due to renew.
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The sample size may not have been large, but the handful of results filings from US carriers and brokers last week provided further evidence that the commercial insurance market is beginning to see upward - albeit moderate - movement on rates.
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Despite recognising that positive pricing conditions will be in play for 2018, rating agency S&P Global Ratings said any upwards correction of rates is not likely to be enough to ease pressures on carriers.
