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The first European catastrophe reinsurance renewals have priced, and may point the way towards low single-digit rate increases for international cat accounts at 1 January.
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Insurance rates worldwide fell through the third quarter despite the string of catastrophic events in late August and September, according to pricing data compiled by Marsh.
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US casualty underwriters are confident of achieving rate increases of up to 10 percent in the early part of next year, as a build-up of liability claims and 2017 property cat losses propel the market past an inflection point.
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The weighted average price per £1 of Lloyd's capacity more than halved in 2017, as the amount tendered by Names rocketed year-on-year.
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Insurers fear another rise in the UK's insurance premium tax (IPT) rate in tomorrow's budget after three increases in less than two years doubled the rate to 12 percent.
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Bermudian carrier Aspen has forecast double-digit rate increases for global energy and construction and global marine insurance following a tough quarter for natural disasters.
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New insurance-linked securities (ILS) fund Lutece Re will be among the start-ups targeting the retrocession segment in 2018 as the market anticipates a significant rating reaction to heavy losses this year, sister publication Trading Risk revealed this month
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First came the fear, then the relief and then, arguably, a creeping complacency
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The Lloyd's market should not get distracted by recent major catastrophes and see them as the answer to all of its problems, performance management director Jon Hancock has said.
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Zurich CEO Mario Greco has said improving commercial rates following Q3 catastrophes will help the insurer in achieving its financial targets.
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The launch of the second phase of motor insurance pricing reforms in China will increase volatility in P&C insurers' underwriting performance over the next two years, according to rating agency Standard & Poor's
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The big three insurance brokers all expanded their reinsurance business on an organic basis in Q3, with Aon posting the fastest growth for the second consecutive quarter.
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