Insurance Industry: Reflections On 2022, Predictions For 2023

For many in the insurance industry, 2022 was a year of growth, a year dedicated to gaining traction after the residual effects of 2020. As we enter 2023, we reflect beyond the macro dynamics of other markets, in hopes of forecasting what is to come for the insurance industry. In this post, I will summarize some highlights and emerging topics in 2022, along with my 2023 predictions.

Reinsurance Access

The reinsurance market reported record lows, down 11% at mid-year 2022 as compared to 2021. This reduction in the market is primarily driven by investment losses. In comparison, in 2021 a majority of reinsurers reported profitable results despite the above-average natural catastrophic losses and ongoing pandemic-related losses from excess mortality. The increasing war in Ukraine also affected countries within the European Union that offer reinsurance.