Speaking at the Monte Carlo Rendez-Vous de Septembre, Carmen Bueso, CUO Non-Life at MAPFRE RE, said the firm does not anticipate major changes at the 1/1 2026 renewals, maintaining its client-focused approach underpinned by strong technical discipline and a long-term perspective.
She continued, “Furthermore, we keep enhancing our underwriting practices, diversifying our portfolio, and leveraging technology to improve risk assessment and operational efficiency, so that we can provide a better service to our clients.”
That said, Bueso noted that the firm does not expect meaningful shifts at the January renewals, adding, “Our approach remains consistent: We strive to maintain our client-focused approach coupled with strong technical rigour and a long-term view.”
Elsewhere, Bueso touched on how MAPFRE RE sees reinsurance pricing evolving at 1/1 2026, particularly in property, property cat, and casualty lines.
“We are still in the midst of the Atlantic hurricane season, so it is wise to remain vigilant and exercise prudence when looking at future pricing terms,” she explained.
Bueso continued, “In the Property arena, pricing adjustments took place already in prior renewal cycles. There are also concerning factors in place, like rising inflation, claims costs, and catastrophe exposures, that may play a role.”
“We expect more client-differentiated pricing than in previous years. That said, in the face of increased competition, certain pricing pressure could be expected.”
In Casualty, social inflation remains a key concern, with rising litigation costs, larger jury awards, and the expansion of third-party litigation funding. In addition, some major market players have suffered recently because of their exposure to U.S. casualty lines – a market where we are not participating – tightening market capacity.
“We expect reinsurers to maintain pricing discipline and remain prudent due to reserve uncertainty and systemic risk.”
“In all, we foster a client-focused disciplined underwriting environment, which we think that in the end it is healthy for all market players, including our clients.”
Later in the interview, we asked Bueso whether reinsurer discipline is holding and if attachment points will remain stable through 2026.
“In general, we think it is. Pricing has gradually shifted as we have been expecting, but the discipline is reflected in stricter underwriting practices, selective capacity deployment, and a focus on achieving adequate pricing for the risks underwritten,” she said.
Bueso continued, “As for the attachment points, no doubt demand from cedents will be key: they may seek lower attachment points to mitigate their own exposure to rising claims costs and volatility. Also, increased competition among reinsurers could lead to pressure to lower attachment points to attract business, but we believe this would very rarely happen.
“Reinsurers will likely prioritise risk management and profitability, aiming to keep attachment points stable, in recognition of the increasing risk derived from secondary perils, which have strongly impacted the reinsurance industry’s results.”
Bueso concluded the interview discussing the current capacity supply-demand balance, stating, “Assuming no wind blowing in the Atlantic, we expect the market will remain well-capitalised and resilient, with reinsurers balancing growth ambitions against risk volatility.
“In this environment, we believe that capacity may grow selectively in areas where reinsurers see opportunities for adequate pricing and manageable risk. Also, Alternative Capital continues to expand, especially in catastrophe-exposed regions, helping to stabilise pricing and broaden capacity.
“On the demand side, we anticipate increased requests for frequency protections, which – as I previously said – will need to be studied very carefully in the light of the recent experience (secondary perils risk not sufficiently priced, rising exposures from inflation and loss creep).”
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