Analysis

Briefing: No new year joy for insurers as reinsurance renewals deliver little comfort

By Jon Guy 2023-01-04T14:28:00

fireworks explosion bang sky

Predictions of a decline in the market’s reinsurance capability seem to have been well founded, says broker chief executive

Talk is cheap – but it seems that, for insurers and their clients, the vital 1 January reinsurance renewals have delivered on the promise that they will be paying significantly more for what reinsurance they can obtain.

The four months in the run up to the start of the year had been littered with dire warnings that the amount of reinsurance in the market was contracting and that what capacity was available would be more expensive.

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