property

The North America commercial property insurance market has experienced its sharpest decline in rates a decade, according to broker Willis, with wide-spread double-digit price reductions for clients as the soft market ensues and “the multi-year hard market fully reverses.”

Given Florida’s significant exposure to hurricane risk, a new report from Morningstar DBRS has suggested that continued access to affordable and readily available reinsurance will remain critical to the market’s long-term stability and financial strength.

Property aggregate excess-of-loss (XoL) capacity has rebounded strongly driven by a 50% increase in traded limits, according to reinsurance broker Marsh Re, revealing that nearly 40% of buyers now integrate frequency protection into their XoL strategies, up from just over a quarter two years ago.

Speaking during the Chubb first-quarter earnings call today, CEO Evan Greenberg called out supply-demand factors related to capital in the insurance and reinsurance industry, as well as high levels of intermediation cost, as softening the property insurance market at a pace he called “dumb”.

As per reinsurance broker Gallagher Re, aggregate property reinsurance protection is making a return to the market, following a period of limited availability.

According to James Boyce, CEO of Global Specialties at Guy Carpenter, buyers of aggregate retrocession are beginning to see more favourable conditions, with capacity expanding, more reinsurers entering the market, and oversupply on the rise, all of which are trends that could translate into lower retentions and greater choice.

As per Verisk’s latest Quarterly Property Report, claims volume in the U.S. and Canada continued to decline in the first quarter of 2025, reaching a five-year low, even amid significant weather events across several regions.

Florida’s specialist personal property insurers entered the key 2025 mid-year reinsurance renewals from a position of relative strength, following improved profitability and more favourable operating conditions, according to a new report from credit ratings agency AM Best.

According to Howden Re, the reinsurance broking arm of Howden, risk-adjusted property catastrophe reinsurance rates-on-line fell in a range from flat to down 20% at the June 1st renewals, with ILS capacity said to be adding flexibility and competitive tension in top-layers.

Liberty Specialty Markets, the specialty and commercial insurance and reinsurance arm of Liberty Mutual Insurance, has promoted Nicholas Garside to the role of Head of Bermuda Property.