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Brokers may encourage clients to capitalise on falling rates by boosting coverage. -
Property pricing fell by 8%, while casualty rate increases tapered to 3%.
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Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.
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Property underwriters are ‘competing fiercely’ to access mining risks.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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The veteran underwriter said market conditions are still ‘robust’.
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Global pricing is now 22% below the mid-2022 peak.
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Cedants target methods of reducing pressure on earnings as reinsurers chase growth.
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Geopolitical turbulence brings new challenges that primary specialty lines carriers urgently need to address.
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Being conservative and stable is the name of the reinsurer’s game.
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Scale is increasingly becoming a differentiator for reinsurance carriers, the broker noted.
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Despite high profile losses, there’s ample capacity in marine and aviation, while PV has seen healthy profits.
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Litigation funders are promoting “aggressive” tactics in the UK, Holland and Israel.
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The company, however, sets a high bar on making a move.
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Earnings covers do not need to equal aggregate reinsurance deals, the broker said.
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Reinsurers are ready to draw a line under a worsening claim outlook across the casualty market.
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Excess capacity will sustain softer rates, as organic growth challenges lead to more M&A chatter.
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Reinsurance CEO Wakefield said reinsurance structures may evolve for prolonged growth.
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Agency reactions ranged from Fitch revising down its sector outlook to AM Best keeping a positive outlook.
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Terms are expected to hold, underpinning the stronger recent performance of reinsurers.
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Rates will remain elevated in a period of structurally higher risk premia.
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Growth in the SME sector could help stabilize the market, however.
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Cyber reinsurance supply has continued to outstrip demand during 2025.
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Some 32% of survey respondents expect property cat rates to fall by more than 7.5%.
