6 Property We continue to experience a bifurcated market concerning catastrophic versus non-catastrophic risks. Catastrophic-prone geographies and risks are seeing far tougher coverage restrictions and the largest rate increases. This is largely due to the impact of Hurricane Ian and the escalating cost of catastrophic reinsurance treaties, many of which renewed on January 1. Regardless of the occupancy, exposure, or historical losses, the cost for property capacity is increasing while the supply has become strained. Additionally, continued in昀氀ation equates to measurable asset value growth. This brings additive cost to rate increases as noted above. While terms and conditions have remained somewhat unchanged, we are seeing newly enacted minimums for national catastrophe deductible perils, a push for higher non-catastrophe deductibles, and a developing trend from most markets to limit indemnity to the reported value for each asset. It’s very di昀케cult to predict exactly where and when the market will reach its peak, but the 昀椀rst half of 2023 is showing potential to bring some of the highest increases we have seen since this market started hardening in 2017. Increases in weather and climate disaster frequency and severity are having a signi昀椀cant impact on this already challenged marketplace.