Guy Carpenter, a global risk and reinsurance expert and a Marsh business, said in his July 2026 reinsurance renewal report that sufficient capacity and growing reinsurer interest have kept the global property reinsurance market competitive at mid-year renewals, with attractive terms and underwriting options encouraging buyers to explore complementary solutions to complement traditional catastrophe plans.
Dean Klisura, President and CEO of Guy Carpenter, commented: “Under current market conditions, cedants’ reinsurance programs have received competitive pricing and terms, but many companies are also exploring alternatives, such as parametric solutions and sidecars, to supplement their traditional protection. We expect this trend to continue throughout the remainder of the year.”
Guy Carpenter observes that attractive catastrophe bond rates are driving record activity levels, with total outstandings reaching more than $61 billion in the first half of 2026.
At the same time, parametric solutions are reportedly being extended to secondary hazards, such as floods, wildfires, and severe convective storms, where protection gaps are large and growing.
“Capital abundance has kept the property reinsurance market soft, with risk-adjusted declines deepening from January 1, 2026. The global Property Catastrophe Online (ROL) index fell from -12% in January to -16% mid-year,” Guy Carpenter said.
The softening market has also increased demand for property sub-lets, driven by more new buyers and expanded placements by existing buyers.
Meanwhile, mid-year casualty renewals continue to show nuanced results, reflecting sufficient capacity, differentiated pricing based on loss experience and changing market structures as clients increasingly seek to leverage structured risk solutions, according to the company’s new report.
Guy Carpenter added: “In terms of financial lines, listed company D&O insurance rates turned positive in the first quarter, which helped to stabilize financial lines reinsurance renewal results for the top performing insurers.
“Both traditional and sidecar markets are showing new momentum in the structured risk space in casualty insurance. Traditional trading and sidecar vehicles, benefiting from increased pricing clarity, are capitalizing on strong investor demand for property and casualty insurance risks.”
Meanwhile, specialty reinsurance renewals are said to be continuing soft market themes, although the significant loss of the Baltimore Bridge is expected to impact marine renewals in 2027.
In April 2026, total bridge collapse loss reserves increased from $1.5 billion to $2.8 billion. Guy Carpenter noted that this will primarily be borne by the reinsurance and retrocession markets.
“Because the latest reserve increase occurs after 90% of affected programs have been implemented in 2026, the pricing impact will not be seen until the 2027 renewal season,” the company explained.
Klisura continued: “In the casualty space, mid-year renewals continue to exhibit nuanced outcomes based on loss experience and changing market structures.
“The specialty product line market is more affected by geopolitical tensions, which spurs product development and greater innovation. All in all, delivering value to customers remains paramount.”
