Global Specialties Market Update: Executive Summary
Conditions have calmed since the trubulent January 1, 2023 renewals, but the market remains challenged.
The specialties reinsurance market globally is emerging from a turbulent time in its history with the January 1, 2023 renewals marking one of the most challenging placement periods in decades. A confluence of macro-economic factors and historical performance issues caused a step change in conditions across nearly every sector.
Since then, the waters have calmed slightly, and a greater sense of stability returned at the mid-year renewals, however, the market remains challenged. Firming rate pressures in key markets continue, capacity at the lower end of programs is limited, we have witnessed large shifts in the appetite of reinsurers for certain covers, while terms and conditions are tight.
