As the dust settles on a hectic 1/1 renewal season, the Bermuda market is catching its breath and looking forward to 2023. On a trip to Bermuda earlier this month, a number of senior leaders told Insider Engage that the renewals were chaotic and underwriters were very busy the week between Christmas and New Year’s, as rates, terms and conditions hardened dramatically.
Lloyd’s Market Association CEO Sheila Cameron is looking forward to an action-packed year: new regulation, digitisation and human resources development are all in the mix
Rather than focus purely on supply/demand dynamics, insurers need to account for both general and social inflation in building appropriate rates, terms and conditions, said Bruce Eisler, US CEO for Aspen Insurance.
