Reflecting on the 1/1/24 Renewals
Reflecting on the 1/1 renewals, we saw our facultative book have modest price changes at Jan 1st renewals. Price increases in the renewals broadly followed claims inflation patterns, amounting to rises of between 5%–10% in most lines of business. Those accounts affected by the geopolitical conflicts in Russia and Ukraine; and Gaza, attracted the most attention and were the most complex to handle.
Despite the losses, we managed to renew our 1/1 PVT book.
On treaties, the January 1 market reflected more balanced trading conditions as they provided cedants with improved opportunities to achieve their objectives while maintaining key reinsurer relationships. Technical discussions were essential to reinsurers’ increasing appetite and capacity allocations.
“Maksure noticed an increase on reinsurers’ capacity and we are happy to advise that we renewed all our 1/1 treaties. Additionally, we found capacity for our new clients”, comments Malven Chibaya.
Malven Chibaya is a Technical Broker at Maksure Risk Solutions.
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About Maksure Risk Solutions
Maksure Risk Solutions is an Afro-Global independent specialist insurance and reinsurance broker with business footprint in Africa, Asia, East & Western Europe, South America and the Caribbean. We provide innovative and tailor-made risk solutions in Insurance and Reinsurance as well as Risk Financing and Actuarial Consulting geared towards capital management and strengthening our client’s balance sheet. Maksure is also one of the major players in Captive Management (Establishment & Management) in South Africa, Mauritius, Bermuda and various other jurisdictions. We have access into the Lloyds of London with a deep understanding of African markets. Our global nature ensures that our clients access quality capacity as well as some of the world’s latest thinking and solutions.