Lloyd’s is celebrating its best first half results in 17 years with a strengthening of its combined ratio by 1.5 percentage points and a profit before tax of £4.9bn. Reports from S&P Global Ratings and AM Best say that reinsurers “are keen to write more catastrophe risks after adjusting their portfolios, but will do so with caution”. Guy Carpenter have said they expect 1.1 renewals to be guided by the trends already seen in 2024 and that there is adequate capacity in the market.
Lloyd’s reports strong H1’24 combined ratio as profit rises to £4.9bn (Source: Reinsurance News)
The marketplace has reported its “best interim combined ratio since 2007 of 83.7%” and a 24% rise on underwriting profit year-on-year.
Reinsurers head to Monte Carlo with ‘growing appetite’ (Source: Insurance News)
A new report from S&P Global Ratings reveals that “favourable reinsurance pricing and improving net investment income in 2023 and 2024 have presented reinsurers with opportunities to deploy capital and expand their property catastrophe business”.
Risks Too Big for Insurers Just Fed a $200 Billion Market Boom in Captives (Source: Insurance Journal)
Captive insurance “is on the rise” according to Aon, particularly in industries that are tied to climate change such as mining and oil.
GC: Moderate rate reductions likely at 1.1 but program structure changes will endure (Source: The Insurer)
Guy Carpenter’s Chair has said “pricing is likely to perpetually recalibrate. However, program restructuring is likely to endure, particularly with regard to attachment points. It makes sense that the reinsurance offering continues to evolve in order to coincide with the ever-changing nature of risk.”
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