A hard market in short-tail lines – such as property and property catastrophe – across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high pricing increases during the January 2023 reinsurance renewals, according to a report published by S&P Global Ratings.
The January 2023 renewals rival those of 2006 in the aftermath of the 2005 Hurricanes Katrina, Rita, and Wilma, said S&P, quoting industry executives. However, unlike 2006 when increases were mostly in the U.S., January 2023 renewals price increases were global and broad, S&P explained.
