Pricing
A challenging treaty renewal season pressured pricing upward, with Natural Catastrophe-exposed Property risks experiencing the most challenging conditions. Cyber pricing showed some stabilization. Auto and Casualty experienced modest price increases, driven largely by inflation and ongoing supply chain challenges. In the D&O market, price decreases were available for some in-appetite, well-performing risks.
Capacity
Capacity remained generally sufficient but was limited in some cases based on territory and type of coverage, with Property - especially Natural Catastrophe-exposed risks – as well as certain industry types facing notable constraints.
Underwriting
The underwriting environment remained disciplined, even for well managed and well performing risks. Detailed loss information was required across all products. Underwriting caution regarding ESG practices and Cyber was elevated. Referral underwriting was leveraged as needed and tended to be slower and more stringent than the market at large.
Limits
Most risks renewed with flat limits with the notable exceptions of Natural Catastrophe Property and Cyber Ransomware. In some cases, to achieve full tower limits, participation was spread across more layers / insurers.
Deductibles
Expiring deductibles were achieved in most cases with the key exception of Cyber risks, as well as poor-performing risks.
Coverages
Coverages remained generally stable; however, coverages related to Ransomware and Natural Catastrophe remained limited. Also, as social unrest continued in some countries, restrictions were imposed for Political Violence and Strikes Riots and Civil Commotion.
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