Geography Trends Q1 North America

North America

Regional Market Dynamics

See below for insights related to the market dynamics in North America, or select a geography below to take a closer look.

Featured Geographies: Canada | United States

Pricing

The rate moderation that began in late 2021 continued in Q1. While on average, modest rate increases were experienced, decreases could be achieved, especially for risks with sizeable exposure growth. Multi-year commitments were available for some products and risks.

Capacity

Capacity has stabilized and improved in certain segments as insurers have previously adjusted their appetite and have shifted their focus toward targeted growth and deployed capacity accordingly. Aggregate exposures; however, have remained under scrutiny.

Underwriting

While insurers focused on retaining well-performing risks, underwriting scrutiny and rigor continued. Risks with extensive underwriting information – especially those with differentiated risk management and safety program details – have tended to experience superior results.

Limits

While most placements renewed with expiring limits, some renewed with increased limits as a result of economic/inflationary driven exposure increases and to adjust for limit reductions that took place during 2020 and 2021.

Deductibles

Insurers have already implemented measures to improve performance and as a result, most risks renewed with expiring deductible levels. Some risks continuing to experience frequency of claims in excess of deductibles experienced further adjustments to retention levels.

Coverages

Following the adjustments made by insurers in 2020 and 2021, coverages have stabilized and, in some cases, were broadened in Q1. Coverages related to exposures in Russia, Ukraine, and Belarus are under pressure.

Canada Market Dynamics

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