Insurance
Insurance Reinsurance
Reinsurance Renewal Pricing
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.
Reinsurance Retention Ratio
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.
Cat Bond Issuance & Spreads
Annual catastrophe bond issuance ($B, left axis) and the average spread over expected loss (%, right axis), the risk premium investors demand.
Primary issuance ($B) - left axis
Avg risk-adjusted spread (%) - right axis
Reinsurance Combined Ratios
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%.
Global Reinsurer Capital: Traditional vs Third-Party
Aon estimates of the stock of global reinsurer capital ($B): traditional shareholders' equity versus third-party ILS capital. This is capital outstanding, not cat-bond issuance. Total reached $790B in 1Q 2026.
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