Rates

Gallagher Specialty: P&I general increases to range from 2.5-7.5% over next three years

Protection and indemnity clubs are expected to implement general increases of between 2.5 percent and 7.5 percent per year over the next three years, Gallagher Specialty has said in a new report.

Everest’s Andrade doesn’t expect attachment points to come back down at 1.1

Everest executives have touted the significant drop in the firm’s third quarter cat losses despite elevated activity during the period, with the group benefiting from higher attachment points on property cat deals which are not expected to reverse at 1.1.

Greenberg: Adverse loss trends in casualty “old” news as Chubb takes $55mn Q3 charge

Evan Greenberg has commented on industry perceptions of under-reserving in casualty, calling the topic of adverse loss trends “old” news, as his firm also disclosed a $55mn reserve charge in Q3 connected to long-tail lines business.

Europe not immune from US casualty drivers but more stable 1.1 expected

A number of reinsurers at Baden-Baden this week have begun taking a position on European casualty treaty as they highlight social inflation concerns, but the consensus so far is that the 1.1 renewal on the Continent will be far more stable than the shift expected in a hardening US liability market.

Finding a new price equilibrium

Swiss Re’s Tamara Soyka says European cat reinsurance is on the right track, but warns there is still a long way to go to achieve sustainable structures and a new price equilibrium.

Pickel warns German storms to add rate pressure at 1.1 as E+S Rück nears large loss limit

E+S Rück CEO Michael Pickel has warned that European reinsurers are set to respond to this year’s run of storm activity with a mixture of rate increases and adjustments to carrier retentions.

E+S Rück: P&C Re price increases and improved conditions expected at 1.1

E+S Rück, Hannover Re’s German business, has said it expects further price increases and improved conditions for P&C reinsurance renewals at 1 January 2024.

Flandro: Current property cat opportunity comes along once a decade

Reinsurers have a once-in-a-decade property cat underwriting opportunity, with risk-adjusted rates on line now at their highest level for 30 years, according to Howden Tiger’s David Flandro.

Aon’s Marcell: Stable 1.1 cat market expected amid increasing competition

Absent any major cat events between now and 1 January, Aon’s newly appointed CEO of Risk Capital Andy Marcell expects a significantly more orderly renewal as he suggested increased competition among reinsurers to deploy capacity could put downwards pressure on pricing for some buyers.

QBE Re’s Killourhy: Attachment point is “more important” than rate

Speaking exclusively with The Insurer TV, QBE Re managing director Chris Killourhy said recent renewals had seen a “change in philosophy” for reinsurers, noting that attachment points and avoiding secondary perils have been more important than rate, with much of the same expected at 1.1.2024.

Ivans and MarketScout see commercial insurance pricing continue to climb in Q3

Third quarter updates from Ivans Index and MarketScout show that commercial insurance rates continued their upwards rise during the period, with the exception of workers’ compensation, although the two organizations have differing views on the extent to which those increases flowed through.

RT Specialty: “Deal fatigue” compounding stressed E&S property market conditions

A tight reinsurance buying environment and the sheer volume of submissions flowing into the E&S channel are adding to stressful conditions in the wholesale property market, according to the latest update on the sector from RT Specialty.

Lockton: Improved macroeconomic environment driving insurance market optimism

Insurers are now increasing their risk appetite as macroeconomic pressures begin to ease, according to Lockton’s latest insurance market update.

Gallagher: Excess airline market capacity keeping rates stable

Excess capacity in the airline market is keeping rates stable with most airlines seeing improved results on renewals, although the disparity between the reinsurance and direct markets is “raising questions”, according to Gallagher.

Gallagher: Space insurers target radical rate increases after significant 2023 losses

Several insurers are targeting “radically higher” space insurance rates in the wake of two nine-digit losses this year, according to Gallagher Aerospace CEO Peter Elson.

The hard market – how long will it last?

Oxbow Partners’ Paul De’Ath and Greg Brown examine the supply and demand factors driving the current market cycle to assess how long it might last.

MENA reinsurers to benefit from positive pricing momentum into 2024: AM Best

Reinsurers domiciled in the Middle East and North Africa region continued to benefit from positive rate momentum at recent renewals, with favourable reinsurance pricing trends set to continue into 2024, according to a new report from AM Best.

Farmers to cut agents’ base commission rates “for most products” in December

Farmers Insurance near the end of this year will reduce its base commission rates for agents on both new and renewal business “for most products in our most challenging markets”, The Insurer can reveal.

Swiss Re’s Lot: Rates are still yet to reach sustainable level

P&C reinsurance rates have still not reached a sustainable level, Swiss Re’s CUO of P&C reinsurance Gianfranco Lot told a media briefing at this year’s Monte Carlo Rendez-Vous.

Hard but stable retro market expected at 1.1

Following significant dislocation in the property retro market over the last couple of years, a degree of stability has returned to pricing, albeit with overall available capacity at reduced levels and no sign of capital entering the sector at any scale that will meaningfully alter dynamics for buyers at the upcoming 1.1 renewal.

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