Global P&C sector trends

P&C sector full-year results are in, and Howden Re’s Business Intelligence team have analysed sector trends globally. Significant developments in 2023 included:

• Reinsurance premium growth: driven by both pricing and volume, even with higher attachment points.
• Underwriting pattern shifts: carriers are altering risk selection by line-of-business, reflecting strategic adaptability.
• Improved reinsurer operating results: compared with 2022, 2023 showed enhanced performance, not only from an easy comp due to Hurricane Ian but also due to robust reinsurance sector dynamics.
• Capital influx: new investments have flowed into the sector, attracted by heightened economic value added (EVA), showcasing the allure of insurance to investors.
• Persistent challenges: lines-of-business hit by social inflation, nuclear verdicts and litigation financing underscored the need for innovative risk management strategies.

Was 2023 the golden year for global P&C? While opinions may vary, the unique conditions of the past year, marked by strategic growth and resilience amidst challenges, highlight a period of significant opportunity and transformation in the sector.

Watch our full analysis from David Flandro, Head of Industry Analysis and Strategic Advisory, and Michelle To, Head of Business Intelligence, joined by George Harris Hughes and Wolfram Schultz for their insights on London Market/international casualty trends.