Global and US property cat rates down 16%, APAC 19% after July renewals in 2026: Guy Carpenter

Reinsurance broker Guy Carpenter has updated its Global Property Catastrophe Rate-On-Line Index, and the latest data shows that average risk-adjusted decreases have deepened since January 1st, with property catastrophe reinsurance rate on-line (ROL) now down globally by around 16% in 2026, the steepest fall of any year since the late 1990’s.

The Global Property Catastrophe Rate-On-Line Index fell by 12% at January 1st, 2026, which Guy Carpenter said at the time reflected rate-on-line decreases across global property catastrophe reinsurance contracts underwritten by reinsurers at the January renewals.

Now, the broker has reported in its July 2026 renewals report, that a combination of benign losses, coupled with abundant reinsurer capacity and growing risk appetite, has continued to drive a competitive pricing environment.

“In some cases, risk-adjusted decreases have deepened since January 1, 2026 renewals, and property catastrophe rate on line (ROL) remains down globally, around 16%,” Guy Carpenter explained.

“Such market conditions have enabled cedents to diversify their reinsurance panel and be selective on price,” the broker added.

Meanwhile, the broker noted that more nuances have been observed with property per risk placements, with rates improving in some cases.

The Global Property Catastrophe Rate-On-Line Index has now fallen by 23% from the level it had reached at its most recent hard market peak in 2024.

Incorporating June 1 and July 1 2026 renewals data, the global property cat reinsurance RoL Index still sits almost 32% higher than where it fell to during the last soft market low in 2017.

Notably though, the 16% decline in this Index over the course of 2026 reinsurance renewals is the biggest annual decline since the late 1990’s and a steeper decline than any year in the 2010’s soft market.

To analyse an interactive version of the Guy Carpenter Global Property Catastrophe Rate-On-Line Index, click on the image below:

Next, the Guy Carpenter U.S. Property Catastrophe Rate On-Line Index, which measures US property catastrophe reinsurance Rate-on-Line movements, on brokered excess of loss placements, and tracks the data back to 1990 as well.

Guy Carpenter also explained that in North America, expansion of reinsurer appetites has led to greater interest in frequency protection coverages and broader products to enhance client risk transfer programs.

This index for United States property catastrophe reinsurance rates and pricing had fallen by 12% at the 1.1 renewals, and then fell to 14% down after the April renewals.

Now, following the 6/1 and 7/1 reinsurance renewals at the mid-year, the Guy Carpenter U.S. Property Catastrophe Rate On-Line Index is down further, at a 16% decline for 2026 so far.

Guy Carpenter also reported that pricing on US property per risk sits in the range of flat to +10% for loss-impacted business, and between -5 to -15% for non-loss impacted business.

After the mid-year 2026 reinsurance renewals the cumulative increase of this US property cat rate Index since the soft market low in 2027 is around 62%, even after consecutive softening renewals.

Since the hard market peak of 2024 though, this U.S. Property Catastrophe Rate on Line Index is now down by 22% after the June and July 2026 renewal rounds.

The 16% decline seen over the course of 2026 reinsurance renewals is now the biggest annual decline for this US property cat rate index since 2014.

To analyse an interactive version of the Guy Carpenter U.S. Property Catastrophe Rate-On-Line Index, click on the image below:

Next is Guy Carpenter’s APAC property catastrophe reinsurance rate-on-line index, which tracks the same property catastrophe reinsurance Rate-on-Line movements, on brokered excess of loss placements, for this part of the world

Guy Carpenter observed that July 1st is a key renewal date for Australia and New Zealand-based cedents, where domestic market consolidation has reduced demand for reinsurance limit.

However, while Australia was loss-impacted by hailstorms across 2025, the report notes that risk-adjusted rate reductions continue.

In Asia Pacific (APAC), property catastrophe reinsurance rates fell by 12% on average at 1.1 2026. And now, following the 6/1 and 7/1 renewals, the Guy Carpenter APAC property catastrophe reinsurance rate-on-line index is down even further at 19%.

The Asia-Pacific property catastrophe Rate-on-line Index is now roughly 3% lower than where it fell to in 2018’s soft market in this region.

To analyse an interactive version of the Guy Carpenter Regional Property Catastrophe Rate-On-Line Index (which includes APAC and Europe), visit this page.

While over 80% of Europe tends to renew at January 1st, Guy Carpenter highlighted how rate reductions continue across the region at mid-year, with greater savings achieved for clients in top layers.

“The European property catastrophe ROL index remained consistent, with decreases of -15% seen at January 1,” the firm noted.

“Continuity of coverage for Middle Eastern-based clients has remained paramount throughout mid-year renewals, as the ongoing conflict evolves. Despite this backdrop, there have been rate reductions between -10 and -15% across the MENA region and -10 to -20% in South Africa.”

To conclude, Guy Carpenter acknowledged how structures remained broadly stable and moderate increases in demand led to more limit being placed at the mid-year renewals.

“In the US, some new supplemental coverages were explored and placed, including underlying catastrophe coverage, aggregate excess of loss, and subsequent event coverage — a trend that continues from January 1, 2026 renewals,” the firm said.

Adding: “Demand for parametric covers grew in multiple regions, with the most successful placements solving for frequency protection structures that are currently unmatched in the traditional reinsurance market. Similarly, demand for structured solutions also continues.”

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