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Financial Institutions Global Market Conditions

December 19, 2022

Q4/H2 2022 Update
Claims|Cyber Risk Management|Financial, Executive and Professional Risks (FINEX)

In this edition of our FI Observer, we find conditions in the global Financial Institutions (FI) insurance marketplace have largely stabilized across most lines of coverage, including cyber following two years of extreme premium volatility. Over the past few years, insurers have been focused on rightsizing their underwriting portfolios and there is now greater comfort in the composition, rating and attachment points, as well as the level of deployed capacity.

Indeed, the proverbial pendulum is now swinging back to a more competitive marketplace for FI clients. Some FI insurers are taking advantage of the shifting market by selectively increasing capacity, or posturing to move down into the lower layers of a multi-layer program tower due to rate compression in the higher excess layers. Insurers are turning their attention to new business to help balance the rate compression within their portfolios and the significant decline in Special Purpose Acquisition Company (SPACs) and Initial Public Offerings (IPOs) underwritten in 2022.

Our FI colleagues from around the globe have shared their insights into the changes they have seen in the local insurance markets.

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Financial Institutions Global Market Conditions PDF 4.7 MB

Global Head of FINEX Financial Institutions
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Martin Giggins
Director - Client Service and Delivery, FINEX, Hong Kong

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