Global reinsurance broker, Gallagher Re, has outlined several developments in property reinsurance during the 1 April 2022 renewal period in the Philippine market.
In its "1st View" report released last week, Gallagher Re highlighted the following developments:
Renewal pricing highly dependent on loss activity, and the impact of Typhoon Rai/Odette on each buyer, dictated terms for renewal
Loss impacted layers saw pricing increases anywhere between +20% and +35%
Pricing for the higher attaching loss free layers ranged between -2% and +2%
Proportional capacity continued to come at a premium with reinsurers lowering Event Limits, reducing commissions and broadening loss participation corridors
Excess of Loss capacity remained adequate although levels of over-placement were lower compared to last renewal. No new Proportional capacity came into the market.