Renewal Resource Center

On The Road To 1/1: Monte Carlo

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Reinsurance market conditions put cedents in strong position

Despite an extended period of elevated natural catastrophe losses and ongoing geopolitical and macroeconomic uncertainty, the global reinsurance sector remains resilient and profitable.

As the industry prepares for the Rendez-Vous de Septembre in Monte Carlo, strong reinsurer earnings, expanding capital, plentiful capacity, and a shift toward more sustainable risk-taking continue to define the market. This sets the stage for cedents to approach the 2026 renewal period with opportunities to secure tailored, high-quality coverage.

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Global Specialties 2025 Market Update

The Guy Carpenter Global Specialties 2025 Market Update provides a unique data-driven perspective on developments across a variety of sectors, including Non-Marine; Terrorism; Marine & Energy; Construction & Engineering; Aviation & Aerospace; Trade Credit, Bond & Political Risk; Cyber and Lloyd’s Capital. Each section outlines the current market state-of-play, how these dynamics are driving changes in buying strategies and what factors are likely to influence placement negotiations in the run-up to the January 1, 2026 renewals.

“The reinsurance market is strong, seen in record levels of capital and reinsurer returns. Reinsurers’ appetite for growth creates an opportunity for innovative solutions that help cedents manage in a volatile world and protect against the increasingly complex range of risks they face.”

Dean Klisura, President & CEO of Guy Carpenter

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July 2025 Renewals

Global volatility persists but elevated insured loss activity seen in the first quarter moderated Despite global economic volatility and insured loss activity nearing $70 billion through the first half of 2025, reinsurance renewal trends seen at January 1 continued including:

Strong reinsurer balance sheets driving appetite for growth
Excess property capacity and moderating pricing
Disciplined casualty underwriting
Reinsurer focus on holistic client relationships to grow their portfolios

To Read Full Press Release >>

Download Charts

Global Property Catastrophe Rate on Line Index

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US Property Catastrophe Rate on Line Index

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APAC Property Catastrophe Rate on Line Index

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State of the 144A Catastrophe Bond Market

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Significant insured losses 2013-2025 chart

Significant Insured Losses 2013 to 2025

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ROE v COE Mid-Year Reinsurance Composite

Reinsurer Returns Projected to Remain Strong

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January 2025 Renewals

At January 1, non-loss-impacted property catastrophe renewals saw notable risk-adjusted reinsurance rate reductions of 5% to 15%. However, there was a range of pricing outcomes that varied by region, attachment point and reinsurer views of price adequacy.

Property catastrophe renewals were consistently oversubscribed as reinsurer appetite increased by 10% to 15%, while we estimate demand only increased by approximately 5%. Rate reductions and additional capacity reflect strong reinsurer appetite driven by:

Another profitable year in 2024, featuring projected average reinsurer returns on equity of 17.3%,
Total dedicated reinsurance capital increasing by 6.9% to $607 billion,
Continued reinsurer discipline around property catastrophe program attachment points and pricing, and
Meaningful cedent actions to improve underlying portfolio profitability (rate improvement, limit management and disciplined risk selection).

To Read Full Press Release >>

July 2024 Renewals

Mid-year renewals reflected a transitioning reinsurance market meeting demand in a dynamic trading environment. Loss-free property programs saw easing of pricing, even as demand increased. Casualty renewal outcomes varied by sublines as well as reinsurance type. General liability and excess/umbrella placements that are US exposed experienced continued reinsurance pricing pressure for excess of loss programs, while quota share outcomes were tied to the amount of adverse development.

The preliminary mid-year Guy Carpenter US Property Rate on Line Index is near flat year-on-year.

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On The Road To 1/1: Monte Carlo

Reinsurance market conditions put cedents in strong position

Latest Insights

(Re)insurance is transforming the new frontier of bank capital

The (re)insurance M&A landscape: what’s driving the rebound?

New technologies and solutions to help our clients succeed

Volatility, Systemic Risk and What Matters to Leaders

Global Specialties 2025 Market Update

“The reinsurance market is strong, seen in record levels of capital and reinsurer returns. Reinsurers’ appetite for growth creates an opportunity for innovative solutions that help cedents manage in a volatile world and protect against the increasingly complex range of risks they face.”