Swiss Re
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Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry. -
Rising counterparty risk from economic slowdown will support prices and growth.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The decision to align across business units had removed the need for the regional presidents' roles, the company said.
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Insureds that have taken higher retentions or less limit due to increased cost could be exposed this year if there is a major cat event, according to Swiss Re’s Kyle Burnett.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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A total of 10 events caused more than $1bn in losses each.
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The industry’s ROE is expected to reach 8% in 2023 and 9.5% in 2024, up from 2.5% in 2022.
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The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
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The report outlined 17 recurring and emerging risks (re)insurers should be aware of.
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Inside P&C’s news team runs you through the key highlights of the week.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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