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The Corporation used its latest market message to call out what it saw as an “underwhelming” approach from specialty insurers to changing conditions and “moronic” D&O underwriting. -
The paradox of “the best reinsurance market in years” is that there are still question marks over who wants a piece of it.
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The executive also recommitted Aon to its mission around creating net new markets – including growing IP – in the wake of the Vesttoo issues.
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Despite a successful upstreaming of cat risk to primary insurers, reinsurers still have multiple factors to worry about in the run-up to 1 January 2024.
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Key trends the credit agencies will be monitoring include inflation, redistribution of losses and the investment bounce-back.
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The ratings agency also affirmed Swiss Re’s ‘AA-’ rating, with the carrier expected to maintain an ‘AA-’ rating through 2024.
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Ongoing rate rises in property are expected to be offset by decreases in specialty lines and casualty.
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The hammering of hailstorm losses that US homeowners’ carriers reported for H1 will drive positive change in property markets.
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The broker said that rates were largely flat thanks to insurer appetite and competition.
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Loss-free accounts were generally up 20%-50% at renewal, the reinsurance broker said.
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A “little flurry” of new capacity helped the mid-year renewals as reinsurers pushed to deploy at the last chance for 2023.
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Reinsurers began relaxing limits on US property exclusions, but the lack of new start-ups points towards stability amid a more orderly market, the broker forecast.
