Property risk excess of loss pricing has become very competitive in the South African market with quoted prices reducing on average by a risk-adjusted -7%, during the 1 July renewal season, according to broker Gallagher Re.
In its July 2025 ‘1st View’ renewals report, Gallagher Re said that there was an increase in available capacity as more reinsurers were prepared to quote risk excess of loss programmes
On property cat excess of loss programmes, reinsurers were quoting between expiring rates-on-line and risk-adjusted flat.
Written lines on property cat excess of loss events in South Africa over the past 12 months leading up to the 1 July renewals.
Property pro-rata commissions were flat to possibly increasing by 1% to 2%, depending on profitability.