Mark Bernacki, CUO, Amwins
High cat losses and climate change have combined with social changes and regulatory issues to bring the most sustainable hard market that Amwins’ head of underwriting has ever seen.
Even without significant losses from storms, the hard market is likely to persist in the near time. What might change is re/insurers’ assumptions—and their reliance on models.
When Amwins published its Q2/Q3 2022 State of the Market report in April, one theme impacting the property market was consistent: natural catastrophe losses. Last year was the second-costliest on record after 2017, it noted.
“Although the severe storms cannot be directly attributed to climate change, climatologists at the large insurers believe this is a pattern we are likely to see continue,” said the report.
Amwins, Climate Change, Property, Catastrophe, Catastrophe, Insurance, Reinsurance, Mark Bernacki, London, UK, Global