/ Updated / 7 min read
Underwriting committee - Global RE Underwriting
Key takeaways
- Property rates softened at mid-year, with a wider gap between well-documented and marginal programmes.
- Liability stayed selective where jurisdiction, claims inflation or wording made loss development hard to read.
- Aggregate covers, higher retentions and tighter event definitions are doing more of the work.
Pricing is softer, but not uniform
Mid-year renewals showed a wider spread between attractive and marginal risks. Well-documented property programmes with improved retention and clean wording still drew support, while thinner data sets were more exposed to reduced capacity.
Liability remains more selective, particularly where jurisdiction, claims inflation, or contract wording makes ultimate loss development difficult to read.
Structure is doing more work
Cedants are using aggregate covers, higher retentions, and more precise event definitions to protect budgets while preserving meaningful protection.
For reinsurers, the question is less whether to support a line and more whether the attachment, reinstatement, and reporting mechanics create an acceptable obligation.
What we expect next
The next renewal cycle is likely to reward submissions that arrive early with credible data and clear claims narratives.
Global RE expects to remain selective, particularly where terms depend on optimistic loss trend assumptions rather than visible portfolio improvement.
Frequently asked questions
- What happened at the mid-year reinsurance renewals?
- Risk-adjusted property rates softened at 1 June and 1 July while liability terms tightened. Well-documented programmes with improved retentions and clean wordings drew the strongest support.
- What will the next reinsurance renewal reward?
- Submissions that arrive early with credible exposure data and a clear claims narrative.
