Q1 2023 Commercial Insurance Market Update

This technical report provides an update on the commercial insurance market for the first quarter of 2023, highlighting the challenges faced by policyholders over the past four years. It outlines the significant factors influencing the market, including inflation, rising interest rates, geopolitical tensions, and climate change. The report details how these factors have led to increased premiums and changing underlying risks, particularly in areas such as cyber risk and climate-related claims. It also presents observations on specific markets, including Professional Liability and Aviation, noting trends in rate increases and capacity changes. The forecast section anticipates continued rate increases, albeit at lower levels than in 2022, and emphasizes the need for clients to begin the renewal process earlier than usual to secure better rates. Overall, the report documents the evolving landscape of the insurance market and the implications for various sectors.