Vanishing subscription market means gaps for cedants

Demand for property capacity still outstrips supply and new capital is shying away from entering the market. This means a dislocation is again likely in the year-end renewal, forcing both buyers and reinsurers to reshape and recalibrate their portfolios.

That is the view of Habib Kattan (pictured), global head of ceded reinsurance at SiriusPoint, who says he expects the property market to continue to be challenging. “We expect a continued dislocation between demand for ground-up and frequency protection, versus supply of high excess catastrophe reinsurance,” Kattan told Intelligent Insurer.

“We have reshaped our inwards property portfolio over the last couple of years with a greater focus on peak peril US catastrophe risk. We will continue to be disciplined, ensuring adequate attachment levels, and tighten contract wordings so that the coverage for the perils offered is adequately priced.