The signs of stabilization continue to permeate all components of the market. Carriers are getting more comfortable with their loss performance and risk selection, thus creating a mindset toward growth. This stabilization specifically includes coverages that were experiencing significant volatility over the past 12 months, such as cyber and umbrella/excess casualty.
For cyber, increased controls and a reduction in ransomware claims are allowing markets to feel more comfortable in targeting specific industries for the deployment of their limits. For umbrella/excess casualty, we are beginning to see more limits deployed on lower hazard exposures.
The carriers are still on a flight to quality, regardless of coverage line. Those companies with the best loss control procedures, claims mitigation strategies, and loss history will see greater results during this time.
At this point, the impact of Hurricane Ian isn’t fully known, but we will begin seeing more ramifications over the next few months as the industry heads into the January treaty reinsurance renewals.
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