Superstorm Sandy’s impact on insurance markets “will not be devastating”, according to Marsh.

“It may contribute to the slow upward trend in property insurance pricing we have seen in the past year but it will not on its own force a rapid hardening of the market,” the company’s 2013 US Insurance Market Report says.

“Insurers weathered the storm, made good on their policy commitments and worked with brokers to help clients begin to recover.”

The report says it is too early to draw lessons from Sandy, but changing climate and weather patterns must be considered.

“In Sandy’s wake, climate change – no matter its root cause – was on the minds of many insurers, politicians and risk managers.”

US casualty insurance markets are expected to remain in transition this year, and workers’ compensation will be a key issue for many employers, the report says.

The directors’ and officers’ liability insurance market began to firm last year after a decade of declining rates, and this trend is likely to continue.

“The reinsurance market at January 1 was characterised by ample dedicated capital and stable pricing, with only loss-affected lines and regions experiencing price volatility,” the report says.

Other key issues this year include “the potential for hackers to unleash a digital superstorm” and global economic conditions that “while improving, still generate a certain unease among many”.