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Prices for programs that renewed in both Q1 2023 and Q1 2024 decreased 15%.
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Retentions and coverage could be affected by future adverse claims trends.
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The executive said that adequate rates were encouraging insurers to grow.
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The broker said softening was emerging in some lines, but cat risks remain challenging.
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Falling rates in finpro and increased competition in property drove the trend.
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The ratings agency also affirmed the reinsurer’s A- FSR rating.
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Property rate increases decelerated to 6% in Q4, compared to slowdowns of 7% in Q3 and 10% in Q2 2023.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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Profits are expected to widen thanks to improved rates and higher average attachment points.
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Delegates at our annual London Market Conference (LMC) described the market as “transforming” and “exciting”.
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