In this article from The Insurer, Lara Mowery, Guy Carpenter’s Global Head of Distribution, said that the US property catastrophe market “is broadly adequate” given the “significant” changes to pricing, structures and terms and conditions this year.
As part of a roundtable during the recent 2023 Monte Carlo Rendez-Vous conference, Lara went on to describe how the reinsurance industry has evolved beyond market-wide adjustments.
“We do see a lot of nice differentiation, and so we'll see a variety of outcomes at January 1 depending on how the clients are coming into that situation,” she said.
A surplus of capacity should also help stem any major market-wide price rises, Lara suggested. The mid-year 2023 renewals, she indicated, saw “a massive bounce back” in the availability of capacity, which limited the extent to which rates increased.