Latest reinsurance renewal commentary from Guy Carpenter
Property catastrophe reinsurance renewals saw rates trending upwards again at the January 2024 contract signings, albeit at a far more moderated level than the previous year.
Of these regional indices, US property catastrophe reinsurance rates-on-line increased by 5.3% at January 1st 2024 taking this index to another all-time high.
The US property cat RoL Index is now cumulatively 116% higher than it was in 2017, the bottom of the last soft market.
Meanwhile, Continental European property catastrophe reinsurance rates-on-line also rose by 7.6% at 1/1 2024, so outpacing the US renewals at that time, taking this index to another new high.
The Continental European property cat RoL Index is now up by 74% cumulatively since the soft catastrophe reinsurance market bottomed out in 2017.
* Preliminary numbers.
- View the Guy Carpenter Global Property Catastrophe Rate-On-Line Index.
- View the Guy Carpenter U.S. Property Catastrophe Rate-On-Line Index.
The Guy Carpenter ROL index is a measure of the change in dollars paid for coverage year on year on a consistent program base. The index reflects the pricing impact of a growing (or shrinking) exposure base, evolving methods of measuring risk and changes in buying habits, as well as changes in market conditions. Unlike risk-adjusted measurements, the index is not dependent on the model or method used to measure the amount of perceived risk in a program, which can vary widely.
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