Airmic Report: The Harsh Market 2022

Moving forward together – The future of the London market

Key takeaways:

  • The pace of hardening has slowed since late 2021 and there are signs of ‘green shoots’ – but there are concerns that insurance market conditions could yet deteriorate.
  • Premium rates for cyber have skyrocketed. A tenth of our respondents experienced rate increases of more than 400%.
  • Brexit is threatening the London market’s influence in the global insurance industry.
  • Current insurers will lose business to more modern, agile insurance competitors. Our respondents have sounded a dire warning that the London market’s legacy systems will doom it to irrelevance.

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