Patrick Tiernan, Chief of Markets at Lloyd’s, expressed a cautious outlook for the reinsurance market as it approaches 2025, despite the continuing attractiveness of global specialty markets. He noted that while the risk environment remains elevated, there is still a growing customer demand and adequate capital inflows. Tiernan highlighted the challenges presented by rate momentum and aggressive trading, particularly in property and casualty sectors, which may hinder sustainable growth. He anticipates that while losses from hurricanes Helene and Milton are estimated lower than previous disasters, the market needs to adopt a more robust underwriting approach moving forward.
