To help you to adapt your risk and insurance strategies to changing conditions, we provide quarterly updates on specific lines of business, geographies and a global overview. The main headline for Q3 2024 was the generally positive attitude of insurers looking to grow business and a trend towards more competitive terms in a broadly favourable and profitable underwriting environment. Overall, the market in Q3 was more a softening market rather than a soft market.
We saw moderating rates in many lines of business, although certain areas, such as US casualty lines, continued to experience significant rating pressures. Generally, most insurers were focused on growth and market positioning, showing a willingness to write more business globally.
To find out more on Q3 2024’s global themes that could impact your risk and insurance strategy, watch Global Head of Broking Hugo Wegbrans and Head of Corporate Risk & Broking Alastair Swift discuss the big issues. Highlights include:
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Underwriting discipline and conditions for consolidation
Underwriting discipline, both in the primary and reinsurance markets has been maintained, playing a key role so far in preserving market stability as insurers pursued growth targets without compromise on risk management. Overall, we have seen a measured softening of the market, although certain areas remain pressured, for example within US Casualty where some capacity has been withdrawn or repriced, or in lines exposed to elevated global political uncertainty.
These conditions, as has been the case in previous market cycles, may set the stage for potential consolidation among insurers, as disciplined organic growth becomes more challenging.