property catastrophe

Following a field trip to Bermuda, analysts at TD Cowen have concluded from their discussions on the island that higher-layer property catastrophe reinsurance rates could be down 20% or more at the January 2026 renewals, while attachment points are largely holding, but the renewal is seen as running late.

While rate decreases have persisted within catastrophe exposed property reinsurance, analysts at Amwins believe they are beginning to trend toward moderation, anticipating that any continued downward movement will likely shift to between 10% to 15% as 1/1 approaches, but also noting that underwriting standards have loosened modestly.

While moderate softening in U.S. property catastrophe reinsurance rates has been observed throughout 2025, rating agency AM Best projects that further stabilisation or minor price shifts will take place at the upcoming January renewals.

Atrium, a specialty insurer at the Lloyd’s insurance and reinsurance marketplace has been granted “in principle” approval from Lloyd’s to launch its new delegated property catastrophe and weather and climate risk-focused Syndicate 2026 and has secured backing from both traditional and institutional capital sources.

Thierry Léger, CEO of global reinsurer SCOR, said this morning that it’s too early to tell whether property catastrophe reinsurance remains attractively priced at the end of year renewals, but his company is anticipating heightened competition in the market as capital build-up outstrips still-rising demand.

During global re/insurer Everest Group’s Q3 2025 earnings call today, Jim Williamson, President and CEO of the firm, outlined that the property catastrophe reinsurance market is still a very favourable environment.

In a recent report released by Goldman Sachs, analysts convey a distinct skepticism regarding the rational behaviour of the property catastrophe reinsurance market, emphasising that the structural conditions have not altered and that signs of undisciplined competition continue to exist, even in the absence of more favourable market dynamics.

In property catastrophe reinsurance “the bloom is off the rose” according to Rob Berkley, President and CEO of W. R. Berkley Corporation, who during an earnings call yesterday cautioned that while margin does remain in property cat, the potential for a “feeding frenzy” at the 1/1 2026 renewals may change that.

As investor appetite continues to broaden beyond property catastrophe, Vantage Risk is building a “mosaic of capital providers,” matching different investors with different risks, from short-tail cat exposures to long-tail casualty and credit lines, according to Chris McKeown, Chief Executive, Reinsurance, ILS, and Innovation.

Irrespective of lower claims experience over the last year in natural catastrophe reinsurance business, Hannover Re’s German subsidiary E+S Rückversicherung AG has said that it expects demand for property catastrophe reinsurance will continue to rise, while insurance-linked securities (ILS) business is also seen as an area of opportunity for the group.