The reinsurance market remains resilient in the face of elevated losses from natural catastrophe events, geopolitical instability and an uncertain macroeconomic landscape, with reinsurers eager to deploy capacity as competition increases, according to John Doyle, President of global broking group, Marsh McLennan (MMC).
Doyle commented on insurance and reinsurance market conditions during the firm’s recently held Q3 2025 earnings call, in which executives discussed another solid quarter for the broker.
On the call, Doyle highlighted a competitive re/insurance market “characterised by slower growth from an uneven economy.”
Marsh McLennan’s President also noted stronger carrier ROEs as well as continued decreases in overall rates, particularly in property reinsurance and property cat reinsurance.
“In reinsurance, the market remains resilient. It has responded to an extended period of elevated natural catastrophe losses, as well as ongoing geopolitical and macroeconomic uncertainty,” said Doyle. “Dedicated reinsurance capital is projected to reach approximately $650 billion by year end 2025. With ample capacity, increased competition is driving reinsurers to look for profitable ways to deploy capacity.”
In casualty reinsurance, Doyle noted that renewals were largely stable with sufficient capacity, which he said reflects underwriting actions of primary insurers and increased reinsurer appetite.
“Across both insurance and reinsurance, we advise our clients on proactive strategies that reflect the risk environment and market conditions, and of course, tailored to their tolerance for volatility.
“Today, we see decreasing property casualty prices, but also a growing cost of risk. Over time, this trend is unsustainable. With that being said, barring significant changes in large loss activity, as well as the broader macro environment, we anticipate insurance and reinsurance market conditions seen so far this year will likely continue in 2026,” said Doyle.
During his opening remarks, Doyle also revealed that, according to the Marsh Global Insurance Market Index, commercial insurance rates decreased 4% in the third quarter, driven by property, which follows a 4% decrease in the second quarter, highlighting the softening rate environment.
“Overall, rates were down in the US by 1%, Canada was down 3%, the UK, EMEA, Latin America, and Asia were all down mid-single digits, and Pacific was down by double digits.
“Global casualty rates increased 3%, with US excess casualty up 16%, reflecting continued pressure in the liability environment. Workers compensation decreased by 5%. Global property rates decreased by 8% year over year, compared with a 7% decline last quarter. Global financial and professional liability rates were down 5%, while cyber decreased 6%,” said Doyle.
The post Reinsurance market remains resilient with sellers eager to deploy capacity: Doyle, MMC appeared first on ReinsuranceNe.ws.
