Author: Mark Hubbard
The 1.1.23 and subsequent month’s treaty reinsurance renewals significantly impacted all insurers that operate across all territories globally, with those insurers enduring significant rate increases and their premiums compounded further with increased exposures due to valuation/inflation challenges.
In addition, insurers have had to absorb increased retentions and more limited overall coverage because of many years of unprofitable returns. In basic terms, the cost of capital has increased throughout the chain, and insurers have had to pass on those costs to their clients so they can continue providing the coverage clients require.
In this Property insurance market update, we provide regional commentary on:
- North America
- South and Central America
- Australia and New Zealand
- Middle East