Speaking at the Monte Carlo Rendez-Vous de Septembre, Carmen Bueso, CUO Non-Life at MAPFRE RE, said the firm does not anticipate major changes at the 1\/1 2026 renewals, maintaining its client-focused approach underpinned by strong technical discipline and a long-term perspective.<\/p>\n
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\u201cAs a relevant market player, we always position ourselves ahead of the renewals by focusing on strategic adjustments to address evolving market dynamics: we constantly analyse our clients\u2019 needs, and key trends such as changes in reinsurance demand, market competition, pricing dynamics \/ technical adequacy, regulatory impacts, among others,\u201d Bueso told Reinsurance News in an interview.<\/p>\n
She continued, \u201cFurthermore, we keep enhancing our underwriting practices, diversifying our portfolio, and leveraging technology to improve risk assessment and operational efficiency, so that we can provide a better service to our clients.\u201d<\/p>\n
That said, Bueso noted that the firm does not expect meaningful shifts at the January renewals, adding, \u201cOur approach remains consistent: We strive to maintain our client-focused approach coupled with strong technical rigour and a long-term view.\u201d<\/p>\n
Elsewhere, Bueso touched on how MAPFRE RE sees reinsurance pricing evolving at 1\/1 2026, particularly in property, property cat, and casualty lines.<\/p>\n
\u201cWe are still in the midst of the Atlantic hurricane season, so it is wise to remain vigilant and exercise prudence when looking at future pricing terms,\u201d she explained.<\/p>\n
Bueso continued, \u201cIn the Property arena, pricing adjustments took place already in prior renewal cycles. There are also concerning factors in place, like rising inflation, claims costs, and catastrophe exposures, that may play a role.\u201d<\/p>\n
\u201cWe expect more client-differentiated pricing than in previous years. That said, in the face of increased competition, certain pricing pressure could be expected.\u201d<\/p>\n
In Casualty, social inflation remains a key concern, with rising litigation costs, larger jury awards, and the expansion of third-party litigation funding. In addition, some major market players have suffered recently because of their exposure to U.S. casualty lines \u2013 a market where we are not participating \u2013 tightening market capacity.<\/p>\n
\u201cWe expect reinsurers to maintain pricing discipline and remain prudent due to reserve uncertainty and systemic risk.\u201d<\/p>\n
\u201cIn all, we foster a client-focused disciplined underwriting environment, which we think that in the end it is healthy for all market players, including our clients.\u201d<\/p>\n
Later in the interview, we asked Bueso whether reinsurer discipline is holding and if attachment points will remain stable through 2026.<\/p>\n
\u201cIn general, we think it is. Pricing has gradually shifted as we have been expecting, but the discipline is reflected in stricter underwriting practices, selective capacity deployment, and a focus on achieving adequate pricing for the risks underwritten,\u201d she said.<\/p>\n
Bueso continued, \u201cAs for the attachment points, no doubt demand from cedents will be key: they may seek lower attachment points to mitigate their own exposure to rising claims costs and volatility. Also, increased competition among reinsurers could lead to pressure to lower attachment points to attract business, but we believe this would very rarely happen.<\/p>\n
\u201cReinsurers will likely prioritise risk management and profitability, aiming to keep attachment points stable, in recognition of the increasing risk derived from secondary perils, which have strongly impacted the reinsurance industry\u2019s results.\u201d<\/p>\n
Bueso concluded the interview discussing the current capacity supply-demand balance, stating, \u201cAssuming no wind blowing in the Atlantic, we expect the market will remain well-capitalised and resilient, with reinsurers balancing growth ambitions against risk volatility.<\/p>\n
\u201cIn this environment, we believe that capacity may grow selectively in areas where reinsurers see opportunities for adequate pricing and manageable risk. Also, Alternative Capital continues to expand, especially in catastrophe-exposed regions, helping to stabilise pricing and broaden capacity.<\/p>\n
\u201cOn the demand side, we anticipate increased requests for frequency protections, which \u2013 as I previously said \u2013 will need to be studied very carefully in the light of the recent experience (secondary perils risk not sufficiently priced, rising exposures from inflation and loss creep).\u201d<\/p>\n
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