Market focus: re/insurance trends to watch in 2023
17-03-2023
Rapid rise in rates could blur key underlying trends in 2022 cyber, warns Gallagher
13-01-2022
A ‘chaotic’ 1/1 and ongoing uncertainty suggest 2023 will bring quite a few twists and turns to the market. Industry experts share their trend predictions.
4 key trends
• More work for insurers to gauge ultimate cost of 1/1 and aftermath
• Rate hikes of 2022 giving way to rate moderation—maybe
• ‘Sleeping giant’ Bermuda becomes ‘most widely impacted market environment again’
• COVID-19 and hard market spotlight talent issue and drive hiring scrambleThe ultimate cost of 2022 for the re/insurance industry, with its “chaotic” 1/1 renewal, is still up for debate.
What is clear is that moving into 2023 there have been structural and coverage changes across the market, while a war for talent has reignited. The idea that 2023 could be yet another unprecedented year does not seem far-fetched.
In this shifting landscape, an Intelligent Insurer panel discussed the industry trends to watch.
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Jonathan Prinn, Karl Hennessy, Volker Kudszus, 2023 trends, Insurance, Reinsurance, S&P, McGill and Parners, Inver Re, Capital, Climate, Conflict, Global
