The first half of 2023 presented very little change to what was forecast at the start of the year.
Coverage remains stable and rates have shown little movement. Appetite has remained broad, and we are slowly seeing more activity from new capacity that entered the market in January. As predicted, market conditions aren’t yet softening, however the worst of the hardening certainly seems to be behind us. We therefore expect market conditions for H2 of 2023 to continue in its current trajectory.
At the start of 2023, coverage available in the market was generally stable, with some evidence suggesting that hardening was still taking place in particular areas.
There have been no drastic changes in appetite from the London market in 2023 so far; most carriers have a broad appetite and are happy to consider a variety of projects at the right terms and conditions.