2023 is likely to show a rise in reinsurance renewals prices. And it’s not likely to be met with open arms as you can imagine. Secondary peril losses, geopolitical unrest and uncertainties around capital is looking to be the culprits behind these hikes says Howden Broking Group Ltd.
COVID-19 along with the war in Ukraine continues to contribute to changes in the reinsurance market. The report goes on to say that, “Both events have revealed how perils once regarded as ‘distinct,’ e.g. business interruption, supply chain failures and price shocks, can in fact be connected and strike simultaneously.”