The April 01 international reinsurance renewal followed trends set earlier in the season, with market pricing remaining firm in almost all classes and territories, according to the latest 1st View report by Willis Re. Capacity was adequate across the board, and there were no substantive changes in negotiations over exclusionary language, the report added. Insured natural catastrophe losses were higher than average in 2020, but most property catastrophe excess of loss programs renewing at April 01 delivered a largely loss-free year. According to Willis Re, some property per-risk programs were affected by the worsening frequency and severity of non-catastrophe losses, leading to pricing increases and program restructuring. Aggregate covers, in particular, focused more on structure than on price, with reinsurers working to distance these accounts from attritional losses, the report said. Long-tail lines, and particularly casualty excess of loss, faced increased pricing pressure from reinsurers coping with low investment returns. Pandemic and silent cyber exclusionary language followed a similar path as the January 01 renewals, through a combination of standard clauses and, from some reinsurers, customized language written to align with original policy wordings. Meanwhile, demand was strong from insurance-linked securities (ILS) investors, especially for capacity made available through publicly traded bonds, which had a moderating effect on overall price increases.
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