Hard market may last three to five years: Appleby lawyer

Brad Adderley, a lawyer at law firm Appleby (Bermuda) Ltd., said that the hard reinsurance market could last three to five years as new investors are reluctant to enter the market following the heavy catastrophe claims from Hurricane Ian, The Royal Gazette reported. The fourth-quarter catastrophe bond issuance significantly dropped year-on-year and came in below the ten-year average for the quarter.