Terrorism and political violence market hardens: WTW

James Borrie of Willis Towers Watson PLC, said that the global terrorism and political violence market hardened in 2022 for the first time in over 15 years, Middle East Insurance Review reported. During the year, many insurers reportedly pushed average risk-adjusted rate increases across their portfolio of 20% to 25% and now are considering further hikes if they are not sufficient to cover the higher cost of their own reinsurance and changing net retentions.