According to the new 1st View report from ICMIF Supporting Member Gallagher Re, the January 1 reinsurance renewals revealed diverse outcomes, tailored by class of business, geography, and strategy. Reinsurers refined solutions by leveraging detailed data, clearer risk strategies, and external sources. While the primary insurance market’s improved pricing bolstered financial positions, reinsurers benefited from tighter terms and higher rates, shielding them from rising natural catastrophe losses.
Reinsurers anticipate a combined ratio near or below 90% and a low-teens ROE for 2024, signalling strengthened balance sheets and renewed confidence for growth. The catastrophe bond market also saw favourable outcomes, with reduced spreads and increased deal sizes drawing more investors.
According to the reinsurance broker’s report, targeted segments experienced pricing pressure, while US casualty remained divided between expansion and caution. As brokers and reinsurers collaborate in greater detail, individual renewal outcomes reflect program-specific factors rather than broad market trends.
To make accessing these insights easier, Gallagher Re has launched a digital version of 1st View, alongside the traditional downloadable format. The report’s detailed commentary is organised by region or line of business, complemented by concise summary bullet points.
Explore the report today.
