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May 2024

Reinsurers offer Nat CAT capacity but it comes at a price

Source: Middle East Insurance Review | Feb 2024

In spite of the anxiety expressed at the SIRC last year about the possibility of turbulence during the January renewal period, it turned out to be a much smoother process when compared to the prior year, as the (re)insurance industry managed to correct its course. Nevertheless, significant Nat CAT activity in the MENA region in 2023 has led to tough renewal negotiations between reinsurers and cedants. Reinsurance rates are hardening, according to the reinsurers we spoke to.

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