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Umbrella covers and commercial property "hardening at fastest pace since 9/11”. -
The use of exclusions could leave the personal assets of directors at risk in the event of legal action.
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The impact of the pandemic on the mortgage insurance market has been muted thus far.
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The ratings agency is reviewing the impact of Floridian insurers’ reinsurance buying at 1 June.
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The Californian insurer said rising reinsurance costs were digestible.
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There are “massive concentrations of risk”, one panellist at Insider US warned.
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John Howard says an earlier estimate indicates carriers are under-reserved in casualty by about $100bn.
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He noted that D&O, E&S and event cancellation are areas that could be particularly impacted.
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New data from Aon on D&O pricing in Q1 shows continued acceleration of rate increases.That said, we still see the true story as more balanced, with excess pricing changes distorting headline figures.
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On Tuesday, the BLS released March CPI data that included a downward spike in auto price inflation to -6.2%, driven by declines in accident frequency related to country-wide Covid-19 lockdowns.
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Marsh’s pricing index showed 14% first-quarter rate increases globally, as momentum across most product lines and regions accelerated.
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Global pricing for financial business risks rose by 26 percent in the quarter, according to the broker’s survey.
