Available here in full, the key takeaways were:

• an "orderly calm renewal with reinsurers building on the 1 January 2022 renewal season achieving an improvement in the pricing and conditions on virtually all contracts."
• Capacity "remained sufficient to allow buyers to meet their requirements" though some reinsurers moved their capacity to higher layers and in some cases reduced deployed capacity;
• Inflation "remains a major and growing concern for reinsurers. It is now a key topic on every line of business with reinsurers assessing the impact of inflation on underlying portfolios..."
• As a result of the situation in Ukraine, use of London Market sanctions clauses to prevent any exposure to sanctions.

Comments on the main renewals by territory:

• Japanese property catastrophe increased between +1% to +5% on loss free renewals;
• Japanese property risk increased between +10% to +25% on loss hit renewals.

Japan property catastrophe rate movement 1990 to date

• US Nationwide property catastrophe renewals increased between +10% to +25% if loss hit;
• US Nationwide property catastrophe renewals increased between +2.5% to +10% if loss free
• Us Nationwide property risk excess of loss increased between +10% to +25% if loss hit.

US property catastrophe rate movement 1990 to date

Comment: the trends seen in the January renewals season continued, namely there was sufficient capacity to complete programs, with more market appetite for upper layers. Capacity was less attracted to lower layers, particularly if loss-impacted, as reinsurers reassessed risk appetite and inflationary potential.

The reinsurance market has remained strongly capitalized with supply comfortably meeting demand: it is reinsurers' risk aversion that is continuing to drive the cycle upwards and could lead to continued hardening during this year and next.

The Florida reinsurance renewal season is coming up next in June and we expect that to show increases.