Geography Trends Q3 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
Favorable insurer results, continued capacity expansion, and an insurer focus on growth and retention served to dampen pricing pressure, and most risks experienced a competitive environment with flat to modestly increased pricing. Cyber remained the most challenging environment.
Capacity
Driven by strategic growth targets, insurer capacity continued to expand in Q3 and was generally sufficient for most risk types. Inflation-driven increases in values and losses led to additional capacity demand and alternative solutions such as captives, reinsurance and alternative program structures were important levers.
Underwriting
Insurers focused on achieving growth and retention targets while maintaining underwriting discipline and emphasizing technical underwriting and risk selection. In person underwriting meetings resumed, reinforcing the importance of relationships. Comprehensive underwriting information and historical context such as premium and losses paid were key to securing underwriter collaboration.
Limits
Inflationary pressures continued to increase exposures, as well as verdicts/settlements, which drove up coverage limits. In addition, some excess insurers continued to require higher primary limits. When needed, increased limits were generally available in the market.
Deductibles
Deductibles remained generally stable. Increases were required for challenging risk types, poor performing risks, or risks deemed to have insufficient controls. Captives played an increasingly important role, and parametric solutions became a more prevalent topic of discussion.
Coverages
Coverages remained stable with broader terms achieved in cases where insurers leveraged coverage as a differentiator. Terms and conditions continued to tighten in response to geopolitical events in Eastern Europe.
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