Issued three times a year, this publication delivers the very first view of current market conditions within the reinsurance industry at the key renewal seasons: January 1, April 1 and July 1.

Key findings for the reinsurance market

  • The market has faced a continuation of pricing and structural dynamics, as reinsurers sought to bring terms and conditions into line with those seen at January 1 and April 1 renewals.
  • New capital entering the market (both traditional and ILS) — coupled with moderated demand, through increased retentions and limited purchases of additional limit and clearer expectation management by all parties — led to a more orderly renewal.
  • The casualty treaty market remained straightforward, with adequate capacity and flat to moderate rate increases, driven primarily by reinsurer comfort with improvements to underlying portfolios.
  • Strong returns achieved by ILS funds in 2023 to date led to growing investor interest, and in turn an increase in the overall number of bonds being issued.
  • ILS attention shifting from traditional property perils to other opportunities, such as cyber and casualty, as the property market begins to move into balance.
  • There are limited signs of completely new reinsurance entities forming, and the trend is consolidation into fewer, larger reinsurance entities — which points towards pricing stability, in the absence of any major losses.