Guy Carpenter

The broker said this was not yet a settled market as work remained underway.

Tension is emerging at the reinsurance level over the retrenchment from all-perils coverage, which previously offered ‘sleep-easy protection’. 

Reinsurers and brokers alike have warned of a rocky 1 January renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.

The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.

The rate-on-line index rise is the steepest uplift in 16 years.

Its total risk transfer programme is sized at just over $9bn, down $400mn from year-end 2021.

After 26 years the firm’s chairman of UK and global specialties is stepping down.

Pool Re announced in November that Enoizi was departing after leading the state-backed reinsurer since 2013.

Property cat rate increases this January were double those of last year and the highest since 2014.

The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.

The former Willis Re vice president and head of European ILS joins as GC’s London ILS leader Des Potter is set to retire.

The broker expects ongoing single-digit growth within the ILS market.