Reinsurance renewals on April 1 saw the property rate largely in simple and low double digits as capacity remained largely adequate, bolstered by insurance loans, according to a report Thursday by Willis Re, the Willis Towers Watson PLC reinsurance unit.
However, cyber and specialty levels jumped higher, with losses up to 100%.
Exclusive language such as pandemic and silent cyber "followed the method set to 1.1.2021," including both market standard clauses as well as more adapted language.
The US real estate renewal rate increased by 25% for disaster losses, but for loss-free accounts was only as high as 1
In accident markets, cyber levels increased by 20% to 30% for surplus loss coverage without incurred and 30% to 40% with loss incurred.
Global aviation insurance renewals saw the largest reported increases, with catastrophic losses reaching 50% to 100%.
Police language continued to be a focus for renewal talks.
"Although there is more agreement on the language of exclusion for communicable diseases and cyber than on 1.1.2021, it continued to be a hot topic for most renewals," Willis Re said in the report.
Momentum in the emergency bond market allowed many primary US and Japanese sponsors to ensure competitive protection in the form of cat bonds …. A significant demand remains for the cat bond product, as exemplified by the vast majority of releases, both increased in capacity and pricing at the bottom or below the original pricing. ” Catalog