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Casualty has “a definite trend towards improving terms”, the head of casualty underwriting for the US and Canada said. -
Underwriters expect to book increases of 2.5 percent as capacity still abounds in the sector.
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European cat is flat, as US casualty pricing improves and expectations of sequential rises through 2020 grow.
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Buyers look to alternative risk transfer options as stressed market conditions continue.
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Umbrella and commercial auto price growth nears double digits.
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The mutual said the rise was necessary to ensure financial stability amid rising claims.
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Casualty rates and T&Cs should improve for 24-36 months, the executive said.
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D&O rates are expected to increase generally 25 to 50 percent over Q4, although rates for some “troubled” accounts may double.
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Casualty pricing ekes out a 0.8 percent gain, while financial and professional liability rises more than 14 percent.
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The sector will see a slight dip in capital at the upcoming renewals, but growth prospects are strong, panellists at an S&P conference predict.
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After years of cheap capacity and widening terms, complex accounts renewing in recent weeks have attracted low double-digit rate hikes.
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CEO and his soon-to-be replacement believe current market conditions play into the growing company’s hands.
