Analysts at JP Morgan are confident that the reinsurance market will show further hardening in 2023, despite already seeing several years of prices increasing.
The report states that at the 2022 mid-year renewals, the market saw some business unable to be placed at all, particularly in lower layers on reinsurance programmes. It adds that for the first time in many years, there is a clear supply-demand imbalance.
At the annual Monte Carlo conference, the concluding outlook on pricing was positive, says JP Morgan, with all the reinsurers expecting further price increases next year.
