WTW Energy Market Review 2023
What do Greek mythology and Mathematical Set Theory have in common? They both help to describe the current state of the Energy Liability market and the drivers behind it.
Six months on from our last Review and three months after the key reinsurance treaty renewal season at January 1 2023, how has the Liability market fared and where is it heading directionally?
We saw in our November 2022 Update that Lloyd’s of London figures for this class showed that it had sustained five years of losses since 2017. However, the same results from the first half of 2022 (including Liability, D&O and Financial Lines) showed that it finally returned a modest underwriting profit for this period – a trend that is expected to continue when the full year data is released at the end of Q1 2023.
Lloyd’s Full Year 2022 Results will be released just prior to publication of our Energy Market Review, and initial indications are positive.
This changing trend towards profitability in the Lloyd’s Casualty (Liability) sector is an encouraging development, which is broadly echoed across other Liability markets internationally, and is a result of tighter underwriting controls, greater risk selection and several years of compound rate increases.
The key question is: How has this impacted capacity and pricing and have any of the positive influences been derailed by the challenges of the recent reinsurance treaty renewal season?
To read more, please download the full article, below.
| Title | File Type | File Size |
|---|---|---|
| International Liability: Myth or logic? | .8 MB |
