-
Severe convective storms are the biggest overall driver of adverse results.
-
Competition, particularly from MGAs, is expected to accelerate in 2024.
-
The average 2023 premium renewal rate change for commercial property was significantly higher than 2022 across all months.
-
The practice will provide clients with tailored risk management and insurance packages to address challenges in the commercial insurance property market.
-
“We're certainly much more optimistic than we've been at any point probably over the last five years,” he told this publication in an exclusive interview.
-
A “return to minimal valuation increases can be expected soon”, the broker wrote in its 2024 P&C market outlook report.
-
While there’s no evidence that SCS activity is climbing beyond normal bands of variability from a frequency perspective, emerging data signifies that severity could be ticking up.
-
The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
-
January 1, 2024 was a “spotty” renewal, with the most over-subscribed deals being those bought by the major global cedants with good track records, whereas others did not attract as much attention.
-
Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
-
Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
-
The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.