The re/insurance underwriting cycle: hard market conditions go on

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      <subfield code="a">We expect re/insurance rate hardening to continue through next year. The tightening of capacity is largely the result of lower risk appetite by re/insurers rather than a shortage of capital. Uncertainty from social inflation, natural catastrophe losses and pandemic-related losses have reduced risk appetite. Macro risks to re/insurers' balance sheets are high, with rising inflation and interest rate risks.</subfield>
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