Rates
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Some cedants paid more than 40% increases depending on Florida concentration and Hurricane Ian losses. -
Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.
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Early private deals have provided far more stability in this year’s renewal than last.
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Softening cat bond rates are among the bearish signals for cat rates, but latent new demand and still-cautious supply should prolong reinsurer gains.
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The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
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Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
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The recommendations await approval from the Florida Office of Insurance Regulation.
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Reinsurers are also increasing their attention on per-risk contracts protecting Japanese interests abroad.
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A trend for slightly riskier bonds has brought with it a rise in the absolute margin on offer.
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Hamilton Re said early signs point to 25%-30% rate rises on Japanese wind.
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This was the highest single-year increase for the US index since 2006.
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This price hike contributed to a premium increase of $695mn in the month, bringing the year-to-date impact of 2022 rate increases to $3.6bn.
