Date: Thursday 23 March, 3pm GMT (UK time)
Following one of the most difficult, frustrating and complex reinsurance renewals in recent history, this exclusive reinsurance event gives ICMIF members the opportunity to learn more about the factors that contributed to such a difficult renewal, and to share perspectives with their reinsurance peers from around the world.
To start the event, Shaun Sinniah from ICMIF’s Supporting Member Guy Carpenter, will give a presentation on the 1/1 2023 renewal dynamics seen from a broker’s perspective. Shaun will explore key themes of the renewal, including the following:
- Renewal terms: In a renewal season that was extremely late, the majority of placements were completed at client issued terms, but these included material adjustments in price and structure as dictated by the market. Reinsurers presented fractured views at the outset, with modifications to a wide array of reinsurance product components. Common ground was unclear.
- Property catastrophe: The imbalance of supply and demand in property catastrophe, particularly in North America, drove a stressed market and, in some cases, led to pricing and structural changes unsupported by technical considerations.
- Casualty and specialty lines: In other classes of business, outside property, underwriting requirements were widely varied and specific for each class of business.
- Availability of capital: There was limited new capital inflow through the fall, as investors held back amid continued catastrophe loss, increasingly attractive risk-free rates of return, their own moderating assets under management and a desire to assess the degree of market transition at 1 January.
Following the presentation, participants will have the chance to share their own unique perspectives in engaging roundtable discussions in breakout rooms. We will come back together at the end to share the insights and ideas and see if we can form some conclusions.
Speakers:
- Shaun Sinniah, Head of Placement and Distribution, International & Global Specialties, Guy Carpenter (UK)
