Analysis

How are insurers preparing for potential cost shocks of upcoming reinsurance renewals?

By 2023-08-24T15:05:00

cap in hand

With 1 January 2023 renewals representing the most difficult cycle in decades, how are reinsurance buyers feeling about the prospect of yet more difficulty in 2024?

For many insurers, the reinsurance renewals on 1 January 2023 were the most difficult they had seen in a long, long time. 

The Q1 2023 Global Insights report released by broker giant Aon earlier this year (9 May 2023) noted that this renewal cycle was “the most delayed, complex and difficult in decades” and introduced ”significant volatility into the market, especially for natural catastrophe exposed property risks and specialty risks impacted by war and inflation”. 

By now, the extreme difficulty of this renewal period is old news, with the insurance sector having turned its head towards mid-year renewals and those upcoming in 2024, which fall alongside the potential for another round of significant costs that must be absorbed by insurers. 

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