{"id":5103,"date":"2023-01-12T11:19:52","date_gmt":"2023-01-12T11:19:52","guid":{"rendered":"httpss:\/\/www.advantagego.com\/?p=5103"},"modified":"2025-03-31T12:10:14","modified_gmt":"2025-03-31T12:10:14","slug":"new-podcast-with-reinsurance-broking-groups","status":"publish","type":"post","link":"https:\/\/www.advantagego.com\/en-us\/content\/new-podcast-with-reinsurance-broking-groups\/","title":{"rendered":"REINSURANCE RESET 2023: 1.1 RENEWALS IN PERSPECTIVE"},"content":{"rendered":"\n<p><iframe loading=\"lazy\" title=\"Ep148 Reinsurance Reset 2023 with David Priebe, James Vickers &amp; David Flandro\" allowtransparency=\"true\" style=\"border: none; min-width: min(100%, 430px);\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=ycagx-135c539-pb&amp;from=pb6admin&amp;share=0&amp;download=1&amp;rtl=0&amp;fonts=Tahoma&amp;skin=3267a3&amp;font-color=&amp;logo_link=episode_page&amp;btn-skin=1b1b1b\" width=\"100%\" height=\"150\"><\/iframe><\/p>\n\n\n\n<p>It has been said that this was the first genuinely hard reinsurance market since 2006, putting relationships, leaders and organisations under stress. This year\u00b4s 1.1 reinsurance renewal season has been grueling for many, particularly as a series of events and rapid change in market conditions has meant that reinsurance capital has significantly contracted.<\/p>\n\n\n\n<p>In the first The Voice of Insurance podcast of the year, host Mark Geoghegan chats to representatives from three of the top four reinsurance broking groups &#8211; David Priebe, Chairman of Guy Carpenter; James Vickers, Chairman of Gallagher Re and David Flandro, Head of Analytics at Howden.<\/p>\n\n\n\n<p>The discussion brings the renewals to life by putting what happened into historical context while asking the big questions about who the winners and losers were, why this renewal season was so challenging, and what this means for the 2023 outlook.<\/p>\n\n\n\n<p>We\u00b4ve cherry-picked some key soundbites from the podcast, but if you want to get a sense of the reset markets of 2023, we highly recommend you listen to this hugely informative and insightful episode.<\/p>\n\n\n\n<p>The podcast starts by asking each interviewee to set the scene before going into much more detail and providing a summary of the renewal season.<\/p>\n\n\n\n<p>Speaking first, James Vickers comments<strong>,&nbsp;<\/strong>\u201cIt\u00b4s been a very difficult renewal season and in many ways quite grueling for all participants, both buyers, and reinsurers, and I think the heart of the problem has been that there\u00b4s been a market reset.\u201d James discusses how the reset has particularly affected short tail lines, property, and also some of the specialty lines.&nbsp;James argues that it is difficult for the market to find where the level will be whenever there is a market reset. Conversations in Monte Carlo, in particular, showed that the industry knew the market would be a little bit harder.<\/p>\n\n\n\n<p>Summing up the season, David Priebe describes the renewal from Guy Carpenter\u00b4s perspective. \u201cDepending on your perspective, one can say it was the best of times or it was the worst of times. In three words, the 1.1 renewals were tenacious, frustrating at times, and very challenging.\u201d David discusses how the renewals were quite the process, with cedants and reinsurers trying to work to find a new market equilibrium in what was a very late and disjointed process, with the market starting to align around the Christmas break.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Asked to describe the market in three adjectives, David Flandro replies, \u201cIt\u00b4s hard to describe it, you know, with one or two words, seminal, acute, singular, erratic, late, unprecedented, did we say unprecedented, I don\u00b4t think we can, but I can still remember one of my mentors telling me don\u2019t use the word unprecedented, it\u00b4s overused,\u201d as both David and Mark agree that things can always get worse. David discusses that although the market has been through things like this before, this time round was unique and particularly late.<\/p>\n\n\n\n<p>Given this singular backdrop, how did the market perform, were gaps left, were covers abandoned, and were clients left high and dry? Did the market clear as it should?<\/p>\n\n\n\n<p>David Priebe replies, \u201cIt ultimately cleared properly, and ultimately I think we were able to achieve the critical coverage requirements that our clients wanted and preserve the integrity of the reinsurance product.\u201d While David Flandro said, \u201cUltimately, the market cleared and realigned at January 1st. It was pretty hectic and crooked road getting there\u2026 but ultimately we got there, and we cleared.\u201d James Vickers opines that \u201cI think at the end of the day, it held up reasonably well, and what we found was that the push that some reinsurers were having towards named perils only didn\u2019t really succeed.\u201d<\/p>\n\n\n\n<p>With a view to the future, how will this renewal impact 2023?<\/p>\n\n\n\n<p>\u201cI think it\u00b4s difficult to say generally,\u201d replies James Vickers, \u201cI mean, the most important thing is that it\u00b4s going to be much easier to manage clients\u00b4 expectations because there\u00b4s now some clarity. We\u00b4ve had this difficult reset, and the fact that everything was terribly late, the market found its clearing price, so I think the renewals will be much more orderly because everybody knows where we\u00b4re coming from.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>Enjoy the podcast.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It has been said that this was the first genuinely hard reinsurance market since 2006, putting relationships, leaders and organisations under stress. This year\u00b4s 1.1 reinsurance renewal season has been grueling for many, particularly as a series of events and rapid change in market conditions has meant that reinsurance capital has significantly contracted. In the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[19,26],"tags":[10,39,14],"line-of-business":[20],"class_list":["post-5103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","category-latest-insights","tag-exposure","tag-reinsurance","tag-underwriting-workbench","line-of-business-property"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/5103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/comments?post=5103"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/5103\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/5104"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=5103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=5103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=5103"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=5103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}