Macro Environment and Climate Driving the Hard Market

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5 December 2022

Available only to members of the Celent Executive Panel: A Presentation from the Celent Executive Roundtable


Celent conducted an executive roundtable on November 30 for members of our executive panel. The keynote session was delivered by Jayan Dhru, Managing Director at Guy Carpenter, Jay provided an overview and analysis of the elections and the economy and the impact on the insurance industry in North America.

This presentation includes detailed information and insights on why the election results ensure gridlock will continue in Washington. Some of his key points include the following. Rising interest rates have continued to hinder capital levels. While the aggressive actions the feds have taken to reverse inflation, reserve releases have begun to shrink due to the impact of inflation. The macro environment and climate are driving a hardening market. Inflation, mark -to-market investment losses and catastrophe losses were common pressure points and risk appetites have shifted in the property cat market. Rates are rising, but elevated loss ratios indicate more is needed. Another year of greater than $100 billion insured cat losses has increased discussion around climate and ESG. Meanwhile underwriting performance is being defined by E&S writers who's combined ratios improved 1.1 ppts over prior year, and by persoal lines whose combined ratios deteiorated by 9.4 ppts.

If you're an executive at an insurer and are interested in being part of our free executive panel, please reach out to Karlyn Carnahan at