Current demand for property catastrophe protection exceeds supply. (Illustration: Modvector/Shutterstock)
Today's property insurance market is highly unpredictable and hinging between a natural catastrophe-exposed and non-catastrophe-exposed business.
Property catastrophe reinsurance, which typically accounts for the lion's share of reinsurance spend among property-casualty insurers, was the most challenging segment of the market during the January 1 renewal season. While insurers adapted to market conditions with retention increases and consideration of top-end limits — thereby easing some pressure on capacity and placing desired limits on programs during renewal — the result is that current demand for protection exceeds supply.
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