In this interview with Intelligent Insurer, Randy Fuller, Head of the North America Property Center of Excellence and Florida Segment Leader, said he expects the 2024 renewal season to be “set up for stability” as capacity returns to the market.
“We have made the corrections that needed to be made,” Randy explains during an interview held at the American Property Casualty Insurance Association (APCIA) 2023 Annual Meeting.
He does expect some adjustments on terms and conditions, in part because as much as USD 50 billion in capacity is likely to have returned to the market by the end of the year, giving cedents room to negotiate changes.
“A year ago at APCIA there was a lot more uncertainty as we headed into the 1/1 renewal season,” Randy continues. “We had just had Hurricane Ian, reinsurers’ balance sheets were under pressure from investment losses, and no one knew exactly what was going to happen at January 1.”
“But as we set up for this renewal season it positions us for stability because we have made the corrections that needed to be made to bring the market back to a healthy spot,” he reflected.