According to the latest Gallagher Re 1st View, detailing the 1 January 2023 renewal season, the market faced a very late, complex, and in many cases frustrating, 1 January renewals.

According to ICMIF Supporting Member Gallagher Re, two areas stood out as the most challenging: peak-zone US property catastrophe capacity and coverage for strikes, riots and civil commotion, and war. In most other lines and regions, the report says, buyers were able to source capacity, though at a higher cost and, in many cases, with changed structures.