Independent specialist re/insurance broker Miller’s new London and International Market Update, notes a more consistent approach to trading within the property market at the January 1st, 2024, reinsurance renewals, and while pressure remains in the casualty space, the overall results were more muted than last year.
According to Miller Re, the reinsurance broking arm for Miller, there was a focus on both technical discussions and underwriting rigor at the property reinsurance renewals, while participants also honed in on contract-level consistency to achieve more uniform terms and conditions.
When compared with 1/1 2023, this year’s property renewal saw a significant stabilization in price movements, with increases primarily in the range of flat to single-digit percentage points for non-loss impacted programs, and slightly higher for loss-impacted ones.
In terms of capacity, Miller Re notes a “meaningful bounce-back” in the property space, with greater availability and deployment of capital amid healthier reinsurer returns.
In the casualty reinsurance market, Miller Re observed adequate capacity during a timely renewals when market-clearing terms were established.
“While there was pressure on pro rata ceding commissions and excess-of-loss pricing, the overall results were more muted compared to last year,” said the firm.
The market differentiated ceding commission reductions by client relationships and portfolios, with a notable focus on risk adequacy and the impact of economic and social inflation, explained the firm.
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