Reinsurance buyers generally saw positive outcomes during the mid-year renewals, finding adequate capacity to meet cedents’ increasing demand for protection — in both property and casualty, according to three renewal reports from reinsurance brokers.
“Loss-free property programs generally saw easing of pricing, even as demand increased,” said Guy Carpenter in its renewal report, titled “2024 Mid Year Renewal Insights.” “While casualty programs were also completed with adequate capacity, pricing and underwriting scrutiny persisted….”
“Overall, insurers achieved positive renewal outcomes at mid-year renewals, with property catastrophe risk-adjusted rate reductions and improvements in terms and/or coverage,” said Aon in its report titled “Reinsurance Market Dynamics – July 2024.
“Underwriting discipline remains strong so any shortfalls in reinsurance placements are no longer linked to capital concerns but to individual underwriting considerations on each specific treaty,” said Gallagher Re in its 1st View report titled “Balance Maintained.”
Gallagher Re noted that reinsurance buyers saw a more welcoming market during the July renewals in comparison to recent years, which unsurprising, gi