According to the Aon report, the insurance market remained growth-oriented in the second quarter of 2024 as insurers focused on underwriting and pricing for long-term profitability and program stability. “The insurer’s growth ambitions continue, with a competitive and capitalized position characterized by continued price relief, underwriting flexibility and the availability of coverage options, particularly for priority risk types,” Aon said in the report. This is reflected in the ample market environment.” Insurance trends for Q2 2024 include:
Competition, driven by insurance companies’ growth ambitions, has resulted in buyer-friendly real estate market conditions for most risks. U.S. casualty exposure in both domestic and foreign placements remains subject to scrutiny, given continued concerns related to declines in prior year reserves and adverse trends in nuclear verdicts and litigation. It has become. Meanwhile, heavy industry risks exposed to the US experienced rate hikes, more restrictive contract terms, and higher comprehensive attachment points. The directors and officers (D&O) and cyber market environment was characterized by healthy competition and abundant production capacity. Despite the rise in claims, the cyber insurance market remained buyer-friendly, with continued savings, particularly among the high excesses. Interest in cyber insurance continues to expand beyond the United States and Europe due to increased awareness of cyber incidents and their capabilities.
Meanwhile, reinsurance renewals in 2024, which Aon calls a “useful indicator of insurance market trends,” will steadily improve due to increased capacity and reinsurer demand leading to lower premiums and improvements for property catastrophe risks. Being watched. By the end of the first quarter of 2024, Aon said reinsurance capital hit a new record of $695 billion in retained earnings, as asset values recovered and new flows into the catastrophe bond market. . The slideshow above shows KPMG’s five steps business leaders can take when it comes to insurance. See also:
