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Best’s Market Segment Report: Reinsurers’ Disciplined Capital Deployment and Underwriting Remain Key Foundations

By: via Business Wire

A recalibration of the global reinsurance market since the January 2023 renewal period has led to a more-durable market structure characterized by reduced earnings volatility and stronger margins, supporting AM Best’s continued positive outlook on the industry.

The Best’s Market Segment Report, “Reinsurers’ Disciplined Capital Deployment and Underwriting Remain Key Foundations,” starts off AM Best’s look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo. Other reports, including AM Best’s ranking of top global reinsurance groups and in-depth looks at the insurance-linked securities, Lloyd’s, life/annuity, health and regional reinsurance markets, will be available during August and September.

According to this report, the shift since the January 2023 renewal in how risk is priced, shared and retained across the reinsurance industry has carried forward and translated into a second-straight year of solid results in 2024. The European “Big Four” reinsurers posted a discounted combined ratio of 86.4% under IFRS 17; the discounting on average lowers the combined ratio by approximately eight percentage points. The U.S. and Bermuda composite reported an undiscounted combined ratio of 89.5% under U.S. GAAP. These results confirm that underwriting profitability has not only rebounded but is being sustained in the current reinsurance cycle.

“Reinsurers’ risk-adjusted capitalization levels remain robust, reflecting retained earnings and disciplined capital management, and the strong underwriting profitability is being augmented by a surge in investment income given elevated interest rates,” said Michael Lagomarsino, senior director, AM Best. “The absence of material new global reinsurance entrants also is ensuring that structural market discipline is maintained, distinguishing the current environment from previous market cycles.”

According to the report, most global reinsurers have maintained their strong performance through the first half of 2025, despite global weather-related insured losses that will likely top USD 100 billion. These losses are primarily driven by the California wildfires, which many reinsurers are marking in the range of USD 30-50 billion. “Assuming no further material weather events in the second half of 2025, the combination of disciplined underwriting, rate adequacy and robust investment income should deliver full-year operating results exceeding the cost of capital,” said Dan Hofmeister, associate director, AM Best.

Global reinsurers also face headwinds other than climate change, including social inflation, growing geopolitical tensions and trade disputes, and these challenges underscore the importance of the market's improved structural foundations and explain why AM Best’s outlook, though positive, remains closely scrutinized.

“The question now facing the industry is whether the improvements in terms and conditions represent a durable shift,” said Steven Chirico, director, AM Best. “The lessons of past cycles suggest caution, but reinsurer sentiment has ensured tighter exposure management and market disciple in the current cycle.”

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=356685.

For global reinsurance reports ahead of Rendez-Vous de Septembre, as well as video coverage of the event, please visit AM Best’s Reinsurance Information center.

Lastly, AM Best will host its annual reinsurance market briefing at Rendez-Vous de Septembre on Sept. 7, 2025, at 10:15 a.m. (CEST) in Monte Carlo. For more information, please visit the event website.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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