Rates

Rates have risen, but cost inflation, climate change, retro renewals and S&P changes mean cat reinsurers are worse placed than in 2021.

USI is projecting rate increases across most lines of business will flatten or even decrease in 2022.

Rates are up modestly across the board but reinsurers are "under pressure" to improve profitability.

The new launch was also given a long-term issuer credit rating of a-.

Growing frequency and severity of ransomware attacks tested the young cyber market’s resilience and adaptability.

Carriers are likely to continue to focus on rate through first the months of 2022, Amwins says, though some classes see increases easing.

Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.

Rate increases were down from just below 8% in the second quarter, with professional lines registering the biggest increases from the prior year.

The premium hike marks the 16th consecutive quarter of price increases across all account sizes, rising 8.9%, up 0.6 points from the prior quarter, the survey said.

Increased competition and new capacity should temper most P&C rate increases in the coming year, despite pressures from social inflation, the pandemic, climate change, cyber and auto woes.

The projections are slightly worse than they were three months ago, as heightened cat losses and Covid-related pressures impact rates.

While Willis predicted market moderation as capacity expands, the report concluded that the cost of insurance in the near term is still going up.