In a recent interview with Reinsurance News, Monica Ningen, CEO of Property & Casualty Reinsurance for the US at Swiss Re, one of the world’s largest reinsurers, shared her perspective on the US reinsurance market and highlighted reasons for optimism amid ongoing challenges.
She emphasised that long-term sustainability relies on premiums accurately reflecting the risks taken, noting, “That balance, between supporting clients and maintaining long-term resilience, is key.”
Asked about future market trends, Ningen explained that the market does not move uniformly: “We don’t look at the market as moving in lockstep—there is no single cycle. Instead, different lines of business are at different points in the market cycle, with varying dynamics at play.” She cited natural catastrophe activity, inflation, asset concentration, litigation trends, and geopolitical risks as the factors shaping current decisions.
“Even where pricing has eased, it’s from a strong base, needed at the time given historical performance. What we focus on is ensuring pricing stays aligned to risk, because that’s the foundation of a sustainable market,” she said.
Looking ahead to the January 2026 renewal season, Ningen highlighted a flexible approach: “As always, we’ll take a tailored approach—one size doesn’t fit all. We aim to bring early, clear communication and focus on where we can add the most value.” She added that while Swiss Re cannot comment on terms or pricing, “we do expect reinsurance to remain a vital part of the market, with clients looking for clarity and stability amid continued geopolitical and climate-driven volatility.”
Discussing Florida renewals, Ningen acknowledged the state’s unique challenges: “Reforms have been a step in the right direction, and we’re beginning to see some positive effects. But it’s not a flip-the-switch fix, and there is a long way to go until June 2026 when the majority of business renews.”
She stressed the importance of ongoing efforts in risk mitigation, building codes, and exposure management, adding, “We remain committed to supporting clients in the region with tools and insights that promote resilience.”
Back in 2022, Florida governor Ron DeSantis signed two bills designed to stabilise the state’s property insurance market after years of challenges.
Turning to the US casualty reinsurance market, Ningen described it as complex, affected by ongoing legal system pressures and high liability claims inflation. “Behavioural shifts such as changing jury attitudes, larger settlements, and rising litigation funding will continue to challenge the casualty market,” she said.
However, she remained positive about collaboration opportunities, noting, “We are partnering with carriers who are managing their exposures thoughtfully and where we can bring differentiated insights to the table.”
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