While perhaps the most fraught negotiations were over property cat during the 1/1 renewals in Europe, casualty and specialty lines also had their areas of contention. As with property, the outcomes for insurers varied widely, said an Intelligent Insurer panel.
Plentiful capacity didn’t save cedants from rising rates, and reinsurers showed discipline at the 1/1 renewals. But cedants saw wildly different outcome, an Intelligent Insurer panel heard.
Flooding isn’t new in Europe, and even the losses in Germany weren’t unforeseeable, according to AIR Worldwide’s Yörn Tatge. As re/insurers discuss secondary perils and look forward to January renewals, it may be that the main lessons learned are for the longer term.