What does 2022 hold in store for the multinational insurance buyer? Renewals are set to be challenging once again but with the prospect of some improvement during the year. But much depends on the reinsurance market, which is being affected by climate change and increasing nat cats.
The latest issue of the Global Risk Manager Journal looks at renewals and sees a difficult time ahead for buyers, with at best moderating price increases. It suggests that renewals are set to be a bumpy ride for many risk and insurance managers. Some classes such as D&O and cyber are set to stay hard for the foreseeable future, while others may be starting to see some moderation in price increases, but little sign of declining rates.
The publication highlights that in many areas, the reinsurance sector will be key, and here there are many concerns over supply chain, cyber and, above all, nat cats related to climate change, which suggests no weakening of the hard market.
At least capacity appears to be less of an issue. And innovation is to be found in the market, especially in the MGA sector, which has seen considerable growth and has offered wider choice for buyers but may now be facing challenges in the hard market, as this issue of Global Risk Manager Journal shows.
In another article, Global Risk Manager examines the implementation of new rules for large risks in Brazil, which has the potential to remove the country from the list of the most nightmarish jurisdictions for global insurance programmes. And Global Risk Manager talks to leading global insurers about contract certainty, digitalisation and reducing complexity in programme administration.
The headline interview in the journal is with Patrick Tiernan, chief of markets, Lloyd’s, a man whose job as enforcer affects the whole insurance value chain.
Each edition of Global Risk Manager Journal reports on particular risks, industries and lines of business. This latest issue focuses on the oil and gas sector, trade credit insurance and contingent business interruption and supply chain risk, which is continuing to cause headaches for risk managers.
The regional focus for this issue of the Global Risk Manager Journal is the Middle East and north Africa (MENA), with reports on the Moroccan market, and the growing interest in captives in the region plus the various domiciles on offer. It also examines insurance market conditions in MENA, together with a look at the state of global programmes in the region.