Japan’s loss-free property cat programmes fell 15% to 17.5% risk-adjusted, with double-digit declines reported in India, the Philippines, and South Korea.
Reinsurance buyers secured significant price relief and improved contract terms during the January 1 renewals, as a surge in available capital shifted the market in favor of cedants.
Rating agency's shift reflects a market inflection point where record US$660bn in capital has restored buyer leverage and eroded the pricing power reinsurers enjoyed during the recent hard market.
Plentiful capacity, bolstered by returning new entrants, and strong reinsurer appetite remain to the cedents’ advantage as the market enters 2026, according to the reinsurer's global head of cyber.
