2023 saw record profits for insurers and reinsurers, driven by a combination of strategic actions and the absence of major catastrophes, accompanied by favorable returns on investment portfolios. The insurance market in Q1 2024 presents a more favorable outlook for organizations. While certain lines and geographies face specific challenges, overall market conditions are stabilizing or easing, with most insurers in growth mode and actively seeking insurance dollars which increases competition for business.
Overall market conditions are stabilizing or easing, with most insurers in growth mode.
Staying close to market guidance and insight will help you make the most of current market conditions. To enable you to adapt your risk and insurance strategies effectively, we’ll continue to provide quarterly updates into specific lines of business and geographies. In the meantime, here are some headline themes from Q1 2024 to be aware of:
Increased ransomware claims payment activity could cause some volatility to return.
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For more actionable insights on current market conditions for individual lines of business and geographies, see our quarterly video series below.
Disclaimer
Please note the observations in the Global Marketplace Insights Spotlight video series are based on our experience with WTW clients and trends across the global markets, but they are not a whole market study.
You may need to review insured values to reflect inflationary trends.