Year-over-year reinsurance rate changes at the key Jan 1, Apr 1, and Jun 1 renewal dates. The 2023-25 hard market peaked at +30%; Jan 2026 saw the first double-digit declines.

Net premiums kept divided by gross premiums written (2024): how much insured risk each reinsurer holds vs cedes to others. Berkshire retains 96.5%, Lloyd's the least.

Annual catastrophe bond issuance ($B, left axis) and the average spread over expected loss (%, right axis), the risk premium investors demand.

Annual combined ratios (claims plus expenses as a % of premiums; under 100% is profit) for four US-listed reinsurers. The 2017-20 soft market ran 100-120%, the 2022-25 hard market 78-95%.