It was billed as the toughest 1/1 renewals for decades, but did the reality live up to the hype? An Intelligent Insurer panel shared their inside takes.
From summer 2022 onwards, there were calls for renewal talks to start as early as possible as challenging market conditions piled up. From the global COVID-19 pandemic to increased nat cat activity, the war in Ukraine and Hurricane Ian in September, it was clear the 1/1 2023 renewals were going to be tricky. But did warnings about capacity shortages and retention hikes come to fruition? Were the negotiating parties happy with the positions they achieved when the music stopped?
An Intelligent Insurer panel gauged the post-renewals temperature. The panellists were: Mike Van Slooten, head of business intelligence of Aon Reinsurance Solutions; Johannes Martin Hartmann, chairman and chief executive officer of VIG Re; Javier San Basilio, deputy general manager and chief underwriting officer of Mapfre Re; and Catherine Thomas, senior director, analytics, at AM Best, who highlighted five takeaways
“Trying to drive as much consistency across programmes as possible was challenging.” Mike Van Slooten, Aon Reinsurance Solutions
1/1 renewals, 2023, predictions, reality, Johannes Martin Hartmann, VIG Re, Mike Van Slooten, Aon Reinsurance Solutions, Javier San Basilio, Mapfre Re, Cat