Page 14 - October 2022 Issue 611 Part 2

P. 14

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Reinsurers pushing hard to shift terms & conditions in January

renewals as property cat market hardens

Cat market is set to be one of the most contested segments in the upcoming 1 January renewals and a key focus for debate at Monte Carlo Rendez-Vous.
Major brokers acknowledged that there would be an imbalance between cat supply and demand but suggested there would be a way to navigate the gap.
Sources said that reinsurers are pushing hard to shift terms and conditions as the property cat market hardens. Attachment points and reinstatement premium
costs will be in focus as reinsurers shift their risk appetite to more remote levels in an attempt to avoid the regular losses that have impacted their earnings in
recent years. This shift away from multi-year cover reflects reinsurers’ reticence over how to price for risk in an inflationary market. Crucially, it can also be taken
as a sign that reinsurers believe rates will stay elevated for some time, as they are not moving to lock them in now.
Inflation is also driving the focus on premium payment agreements and ensuring that any increase in exposure throughout the course of the year will be recog-
nized in final premium payments. In past years, cedants have typically been given some leeway and been able to keep premiums flat even if they post limited
growth ahead of expectations, but today people who have had flat premium structures in the past will struggle, one reinsurance executive forecast.
Brokers also focused on the sidelines of the Rendez-Vous on talking about how to manage the looming cat capacity crunch. Guy Carpenter suggested some car-
riers would lean into the cat market, while Aon said 10-year cat returns remained attractive and urged reinsurers not to become less relevant. But unlike in 2020
when there was new capacity on its way to the market through the class of 2020 arrivals, this year there is little talk about potential arrivals making progress.
Meanwhile, many reinsurers are expected to be in a holding pattern when it comes to catastrophe risk, after a year in which several major carriers slashed their exposures. Even
if much of the cutbacks have already been made by those looking to trim their cat portfolios, with an expectation of significant new demand and current capital levels under stress
from mark-to-market losses, this is still expected to set the tone for a challenging renewal in this line of business.

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