Thought leadership article
The reinsurance sector continues to navigate a dynamic landscape, influenced by market cycles, catastrophic events, and evolving underwriting strategies. In mid-2024, AM Best assigned a positive outlook to the global reinsurance segment, reflecting a trajectory of improved technical results and disciplined underwriting. This presentation examines key market developments, the impact of major loss events, and expectations for renewals in 2025 and beyond.
The reinsurance market has undergone significant changes in recent years. Since 2021, firms have demonstrated improved technical profitability, though investment market volatility in 2022 tempered overall earnings. A defining moment came with the 2023 renewal period, which saw sharp increases in property rates and a tightening of terms and conditions. Reinsurers raised attachment points and moved away from high-frequency, low-severity layers, reinforcing their focus on balance sheet protection rather than profit smoothing.
While 2024 results are still emerging, early indications suggest continued strength despite notable loss events towards the end of the previous year. It was anticipated that hurricanes Milton and Helene would reinforce firm pricing into 2025; however…
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