2023 reset can’t be undone, certainly not on deductibles: Moody’s

There’s no going back on the 2023 reinsurance reset, leaving primary insurance cedants with no choice but to adapt to a world without aggregate covers or frequency-buffering lower layers. But it is not an easy transition for everyone.

That was how analysts at  Moody’s described the state of play heading to the 1/1 renewals, when speaking to Intelligent Insurer. “The new balance between primary insurers and reinsurers is the new normal, at least at the current stage of the cycle,” said Christian Badorff (pictured bottom), Moody’s senior credit officer with a view chiefly to European reinsurers and select European primaries.