As the reinsurance industry approaches the January 1 renewal season, Carmen Bueso, chief non-life underwriting officer (CUO) of Spanish reinsurance company MAPFRE Re, noted that while the current market provides opportunities, the industry must avoid repeating the mistakes of the past.
Looking ahead to the upcoming renewal season, Bueso told Reinsurance News that conditions are “challenging” in many markets, particularly in the real estate sector.
“While some markets have experienced meaningful corrections over the past few years, we continue to believe that underwriting discipline is important and that we should not make the same mistakes that the industry made several years ago,” the executive said.
She continued: “In terms of business lines and markets, it is critical to differentiate based on customers and build a diversified portfolio. While the real estate business may face pressure on pricing, the structure remains stable, while other business lines, whether non-life or life, bring balance and diversification.
“Being able to bring a multi-line portfolio to quality clients is the best way to manage the cycle.”
Bueso emphasized that focus, discipline and growth are the three main challenges facing the reinsurance market entering 2026.
“Focusing on underwriting discipline, selecting the best clients and servicing them ultimate while avoiding over-exposure to growing risks is definitely a challenge. Increasing retention, while a sound technical measure and also encouraged by better retention results for ceding companies, does not help reinsurers’ growth ambitions. Additionally, when you consolidate in euros, currency depreciation, especially the US dollar, is also a growth challenge,” she said.
While challenges are as evident as ever, these markets always present opportunities for companies like MAPFRE Re.
“To that end, we have been actively working with clients and brokers in the early stages of renewals and are very optimistic. We are broadening our product offerings, becoming more active in business areas such as life insurance, and growing in structured products such as life and non-life insurance. These products are not as affected by the pricing cycle as the property and casualty insurance business,” Bueso explained.
She went on to reveal that MAPFRE Re will continue to build a more diversified portfolio across geographies and business sectors through 2026.
“Fortunately, we are ideally sized and large enough and relevant to be able to offer a very comprehensive service while still being able to grow our product lines with our preferred customers. Geographically, we see great opportunities almost everywhere, in Europe, the Middle East and Africa, where we are already well represented, and we still have room to grow in North America, Asia Pacific and Latin America.”
“Our focus on life, casualty and health and structured products, coupled with our already broad product offerings, will enable us to build a better portfolio during this challenging period, while always maintaining underwriting discipline and client focus,” Bueso told Reinsurance News.
