Once all the hurdles had been overcome, with the micro and macro changes that have influenced the hardening property reinsurance market in the 1/1 renewals, most programs managed to be placed. This demonstrates that unlike the very challenging renewal seasons during the early 90s, there was just enough supply of capacity to satisfy demand.
December 2021 was one of the toughest property renewal seasons for all territories for a number of years. Commentators from journalists to brokers alike noted how both prices and terms and conditions moved in favour of reinsurers. Most of the brokers’ reports post-renewal comment on how reinsurers took a more risk averse view of catastrophe business and particularly attrition.