In 2024 so far, the Property insurance market has demonstrated a strong focus on growth and client retention, resulting in lower price increases compared to previous years. Furthermore, there have been minimal alterations in terms and conditions, indicating a stable and consistent market environment. As a result, Property market conditions are gradually improving, as evidenced by the ease of renewals in comparison to previous years.
Conversely, the Casualty insurance market is encountering significant challenges, particularly in relation to escalating claims costs and rates. The absence of substantial reforms in tort law and the disclosure of third-party litigation financing pose ongoing obstacles, with claims costs projected to continue their upward trajectory.
In the realm of Management Liability insurance, premiums remain relatively steady overall, with heightened competition among insurers leading to a decline in rates. Additionally, in the reinsurance sector, the equilibrium between property supply and demand has been achieved, instilling a sense of stability and predictability in the market's future.
The following market update is intended to give a snapshot of the trends we're seeing around the country. Every risk is different, and the loss history, quality of the assets and management's engagement in operations all play a material role in the outcome.
