Cyber rates in excess layers saw decreases of mid-single digits to low double digits in the last quarter while primary layers remained flat or experienced low rate rises.

Early evidence is leading the (re)insurance market to hope the storm can avoid the development curve of its 2017 predecessor Hurricane Irma.

Annual reviews of natural disaster activity highlighted drought – which can also heighten risk of fire and flood losses – as an increasingly important secondary peril.

Carriers will be looking forward to the positive outcomes from the 1 January harder market, but results will provide clarity on lingering challenges.

More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.

Insurers are looking to buy fac protection to cope with increased retentions on treaty programmes, while exclusions around political violence could also boost demand.  

At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.

Despite a cooling economy, cost of living pressures are keeping wage inflation and mid-pay employee pressures on base.

Specialty reinsurers clamped down on Ukraine coverage at 1.1, with the one-year anniversary of the invasion threatening claims.

Here we walk through seven themes of the market that will be drivers of change in the year ahead.

Cedants are grappling with rising rates while coverage narrows.

Cedants who came to market in Q4 settled for smaller tranche sizes in recognition of limited capacity.