Insights

1.1 Reinsurance Renewals 2025: Winds of Change – A Shifting Landscape

The 2025 1.1 reinsurance renewals reflect significant changes in the market, showcasing a shift from an intense hard market to a more balanced and nuanced landscape. With increased capacity, renewed investor confidence, and moderating rates, the industry stands at a critical inflection point.

However, the global trading environment remains volatile. Macroeconomic pressures, continued geopolitical turbulence, and catastrophic events like the Californian wildfires, which resulted in economic losses exceeding $50 billion, highlight the ongoing challenges faced by cedants and reinsurers alike.

Emerging Trends:

Capacity and Rate Shifts: Property catastrophe renewals saw risk-adjusted rate reductions amid increased reinsurer appetite, with property programs consistently oversubscribed.

Capital Growth: Global reinsurer capital hit new heights, driven by robust retained earnings and unrealized gains on bonds.

Climate Challenges: Secondary perils such as wildfires and floods are becoming increasingly impactful, reshaping underwriting approaches and portfolio strategies.

Casualty and Cyber: The casualty sector remains stable but with nuanced challenges, while the cyber reinsurance market continues to mature, supported by enhanced models and data insights.

To navigate this shifting landscape, cedants and reinsurers need granular risk insights and innovative tools. This report delves into the market dynamics shaping the 2025 renewals season and provides expert commentary from industry leaders, including Guy Carpenter, Aon, Howden, and Swiss Re.

This report offers valuable insights into the forces shaping the reinsurance market in 2025. It highlights opportunities for growth, the evolving risk landscape, and the technologies enabling underwriters to manage their portfolios effectively.

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