Airmic Report: The Harsh Market 2022

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.