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Overall, insurance rates fell by 1%, led by competition in property. -
Business email compromise was up 9%, comprising nearly one-third of claims.
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It also reported that severity increased by 17% in the same period.
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At the conference, industry pros identified issues in modeling systemic risks due to a lack of historical data.
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Elixir has an initial focus on cyber but will look to expand into other lines, including E&O and D&O.
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Attendees concurred that they don’t expect the “Golden Age of E&S” to end anytime soon.
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In Q2, median property price increases decelerated to 2.3%.
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Top concerns also included medical cost inflation and employee benefit costs.
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SMEs represented 98% of cyber claims from 2019-2023 totaling $1.9bn.
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The MGA noted a 17%-20% price decline last year and expects similar for 2024.
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Amwins anticipates market softening will continue, absent loss ratio concerns.
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Improved profitability has led some insurers to increase their own retentions.
