Pricing
Pricing remained stable, with modest increases across most lines; however, it was dependent on capacity source (local vs. global/reinsurance), risk complexity and performance, and the extent of adjustments made at recent renewals.
Capacity
Capacity remained generally sufficient, with the key exceptions of Cyber, Stock Throughput and D&O for US-listed companies.
Underwriting
A continued focus on profitability drove underwriting rigor and conservatism, especially in the corporate segment. Underwriting escalation remained common, with some resultant delays. Extensive information was required as insurers focused on reducing volatility through best-in-class risk selection and limiting per-risk exposure.
Limits
The impacts of inflation became evident in limits discussions; however, most insureds opted to renew with expiring limits as the cost of increases was considered prohibitive.
Deductibles
Expiring deductibles were achieved in most cases with the key exceptions of risks which continued to experience claims frequency despite past adjustments.
Coverages
Terms and conditions related to war, sanctions and coverage territory remain under scrutiny, with some insurers cancelling and rewriting to limit their exposure to the geopolitical events in Eastern Europe.
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