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ESG, non-catastrophe and rebuilding after personnel changes will be among the themes of the year.
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Property cat rate increases this January were double those of last year and the highest since 2014.
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Some programs had to be restructured as rates hardened and capacity flowed away from cat risk in some cases.
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Many private deals featured in final renewals negotiations as overall cat risk appetite was cut back, with some ILS segments hard-hit.
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As the renewal is expected to spill over into 2022, the two-speed market will put pressure on retro-reliant carriers.
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Pricing was generally stable but investors are showing more aversion to specific climate-exposed perils, sources noted.
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The shortage of sidecar capacity could have a knock-on impact to broader renewals.
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Personnel turnover and ongoing redevelopment into new areas were the notable themes of the past 12 months.
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1 January renewals are running late across the board as reinsurers hold out for improved terms, but the retro segment is the most challenged for capacity.
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The topic of quota-share support is becoming all the more crucial because supply is shrinking at the same time as demand is rising.
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Nearly three months on, the event still seems heavily stacked towards residential claims.
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ILS Capital described it as “the ultimate short-tail risk” but noted structural and sourcing challenges for ILS writers.
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