Pricing Still Not Where It Needs To Be

In spite of climate impacts and some large insurers pulling out of certain markets, there's been some talk of rate softening in the reinsurance market, which Brad Adderley, Bermuda Managing Partner at Appleby says, "makes little sense".

"We've got climate anomalies, people are continuing to pull out, and we don't really know how much capital has been raised, and yet, for some reason, people are saying there's rate softening, which I just don't understand," said Adderley, in an interview with Artemis.

This May, Canada experienced its worst wildfires in the month, which were so bad that they impacted flights in New York. There's also been record flooding in Italy this year, and with the Atlantic hurricane season underway, there's ample uncertainty around activity as a result of warmer than average sea surface temperatures.