News analysis: The 1/1 reinsurance renewals – What will 2023’s ‘challenging’ reinsurance market mean for UK brokers?
The annual 1/1 reinsurance renewal season might not have been on the list of major concerns of the average UK broker at the start of 2023. But as Rachel Gordon reports it could have a sting in the tail this year when it comes to capacity shrinkage and rate rises.
Reinsurance brokers have commented that the most recent 1 January renewal season was exceptionally rocky, and now – it seems – the UK’s regional sector is also caught up in the aftershock as premiums rise and capacity shrinks.
According to Aon, the latest renewals were “the most challenging in a generation, with property catastrophe risk seeing the largest rate increases and appetite changes”.
Gallagher Re said the season was “tense” and “late” and, while buyers could largely source capacity
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