Aon plc announced on December 31, 2024, the upcoming launch of its Reinsurance Market Dynamics January 2025 Renewal report, set for January 6, 2025. The report reveals that reinsurers demonstrated greater flexibility at the January 1 renewals, driven by an expansion of available capacity following another year of strong results. Global reinsurer capital reached a new high of $715 billion at September 30, 2024, an increase of $45 billion compared to the end of 2023.
In the Property sector, cedants with loss-free programs were able to secure catastrophe coverage on incrementally improved terms, as reinsurers sought to grow their business. Alfonso Valera, co-CEO EMEA at Aon's Reinsurance Solutions, noted an increased appetite in high-margin lines of business and regions. Insured losses from global natural catastrophe events are expected to exceed $140 billion in 2024, with renewal impacts largely confined to the most affected local markets.
Casualty renewals were broadly stable, even in the U.S., supported by robust underlying insurance pricing. Tomas Novotny, co-CEO EMEA at Aon's Reinsurance Solutions, stated that reinsurers showed strong appetite for writing business in the current hard market, with most renewals resulting in meaningful over-subscriptions. This report underscores Aon's role in driving efficient risk transfer and shaping better business decisions for all parties in the reinsurance market.
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