Middle East: July reinsurance renewals shift to full quota share model

Source: Middle East Insurance Review | Aug 2023

Reinsurance structures for pro rata property business moved towards a full quota share model during the July renewal season in the Middle East, according to broker Gallagher Re.

In its July 2023 ‘1st View’ renewals report, Gallagher Re said that a very limited number of leaders remain in the market, most of which are not offering increased commissions or capacity unless in very rare cases where clients have performed exceptionally well.

Globally, the run-up to the July 1 reinsurance renewals saw a continuation of the pricing and structural market dynamics that defined the 1 January renewal period, with mid-year placements catching up and aligning with prevailing market undercurrents, said Gallagher Re.

While significant increases on a y-o-y basis were seen, the market was orderly and rational with adequate capacity from the reinsurance market available to support client needs. M

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