A new reinsurance world: the paradigm shift of 2022
As 2022 draws to a close, Matthew Wilken, chief underwriting officer at Hiscox Re & ILS, reflects on the major market influences of 2022, the lessons the industry can take from them and the opportunities the past 12 months has created as we move into 2023.
Many in the industry have called the market in 2022 the hardest hard market for decades, certainly for some classes and geographies. Wilken agrees with this epithet, but he tells Intelligent Insurer: “While it was a hard market last year, we’re going to see an even harder one in 2023.”
With Hiscox Re and the rest of the industry still negotiating the January 2023 renewals, Wilken says that the hard market has “highlighted a paradigm shift in our reinsurance world”, brought about by five to six years of subpar performance in the industry.
Hiscox Re has “probably outperformed” compared to its peers, he adds, but acknowledges that the results have still not been adequate to support the volatility coming onto the book.
“I see great opportunity, but the opportunity is going to come at a price. And that price is currently being debated now. We’re a market and the market will ultimately come to the best landing, but at the moment it’s heavily focused on climate and catastrophe reinsurance,” he says.
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