Non-Marine Treaty Preliminary Japan Renewal Review
Modest growth in exposures meant gentle increases in rate were expected.
Guy Carpenter’s briefing, Non-Marine Treaty Preliminary Japan Renewal Review, indicates that modest growth in exposure drove gentle swells in rate, with a low-single-digit percentage increase in risk-adjusted pricing on average. Capacity had tightened some, but the April 1, 2022, renewal went smoothly and as anticipated.
Issues of sanctions and war resonated in the market. A minority of reinsurers expressed concern with war clauses and territorial scope of treaties. Allaying concerns in this area required careful negotiation.
