Rate increases continued to decelerate and were generally modest in Q2, with the key exceptions of Cyber, as well as higher-risk sectors and risks with adverse claims experience.
Capacity expanded in some areas targeted for insurer growth and was relatively stable across most products with the key exceptions of Cyber and Natural Catastrophe exposed Property.
Insurers sought growth and expanded their appetite in targeted areas but remained cautious of their bottom line. Quality and detailed underwriting information was a key enabler of superior renewal outcomes.
Limits have stabilized as portfolio mandates have become less prevalent. In Q2, adjustments were made only on a case-by-case basis.
Deductibles were broadly stable, although increases were applied to trending loss areas and poor performing risks. In addition, minimum deductibles were applied to designated business sectors.
Coverage was generally stable, except in targeted areas including Cyber, Terrorism, and War and Sanctions, especially related to Ukraine, Russia and Belarus.