Following one of the most difficult, frustrating and complex reinsurance renewals in recent history, this webinar provides ICMIF members the opportunity to learn more about the factors that contributed to such a difficult renewal.
Shaun Sinniah from ICMIF’s Supporting Member Guy Carpenter presents on the 1/1 2023 renewal dynamics seen from a broker’s perspective. Shaun explores 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.
Speakers:
- Shaun Sinniah, Head of Placement and Distribution, International & Global Specialties, Guy Carpenter (UK)
