Pricing
Rate increases continued in Q1 but have decelerated across large portions of the market, becoming generally modest, with the key exceptions of Cyber, as well as higher-risk sectors and risks with adverse claims experience.
Capacity
Capacity has expanded in some areas targeted for insurer growth and stabilized across most lines with the key exceptions of Cyber and Natural Catastrophe exposed Property.
Underwriting
Insurer appetite broadened as insurers were growth focused in targeted areas, although this remained limited in nature as insurer caution related to bottom lines continued. Quality underwriting information remained a key enabler of superior renewal outcomes.
Limits
Limits have stabilized as portfolio mandates have become less prevalent. Adjustments were made in Q1 on a case-by-case basis.
Deductibles
Deductibles have broadly stabilized, although increases applied in Q1 to trending loss areas and poor performing risks. In addition, minimum deductibles have been applied to designated business sectors. Insureds continued to explore deductible options to help offset premium costs.
Coverages
Coverages have broadly stabilized, except in targeted areas including Cyber, Terrorism, War and Sanctions, especially related to Ukraine, Russia and Belarus.
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