Property catastrophe reinsurance rates declined across the globe at the January 1st 2025 reinsurance renewals, with broker Guy Carpenter’s rate-on-line indices for the world, US, Europe and Asia Pacific all falling to start the new year.
For the majority of the indices, it is the first decline in property catastrophe reinsurance rates-on-line seen since 2017, which was the bottom of the last soft market.
Since then, reinsurance rates have risen steadily at property catastrophe renewals. But fortunes reversed at 1/1 2025, as excess capacity and strong reinsurer and ILS market appetites to capitalise on still historically high rates, resulted in a softening market.
The one exception is Asia Pacific, where after a rebasing and re-evaluation of the data for the rate-on-line (RoL) Index for that region, Guy Carpenter’s data now shows a decline occurred there in 2024 as well.
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