Willis Re 1st View : firming landscape

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<title>Willis Re 1st View</title>
<subTitle>: firming landscape</subTitle>
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<publisher>Willis Re</publisher>
<dateIssued>2021</dateIssued>
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<abstract displayLabel="Summary">The market approached the 1st January renewal season with a sense of apprehension from buyers and a sense of opportunity from reinsurers, influencing a number of capital raises both from existing and new reinsurers. Poor underwriting results driven by elevated levels of natural catastrophe losses and prior year development on liability lines, compounded by further reductions in interest rates and emerging COVID-19 losses, all pointed towards reinsurers being able to drive higher prices and improved terms. Buyers were quick to highlight that while some lines of business and territories have shown poor results, other areas have generated consistent profitable returns for reinsurers. The global reinsurance capital base also rapidly recovered during 2020 from a combination of improving investment markets, retained earnings and new capital, ending up 3% higher than year-end 2019. This increase in supply of capital gave buyers hope that they would not be facing a truly hard market but more of a firming landscape.</abstract>
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<title>1st View</title>
<partNumber>January 1, 2021</partNumber>
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