Guy Carpenter reports stable non-marine retrocession pricing levels

Appetite for aggregate cover continues to increase.

Guy Carpenter has released its latest market update outlining key dynamics shaping reinsurance placement strategies ahead of the 1 January, 2026 renewals.

In non-marine retrocession, pricing for loss-free programmes has stayed broadly in line with January 2025 levels.

Loss-affected layers typically ranged from -5% to +5%, depending on programme impact.

The broker noted that non-natural perils such as terrorism and strike, riot and civil commotion are increasingly being added back into reinsurance contracts, with clients exploring retro coverage for these risks.

Supply and demand for catastrophe cover on direct and facultative business were both higher at the January and April renewals, with most additional supply coming from existing markets. 

Retentions remain a central focus and could face pressure alongside price and coverage in 2026 negotiations.

Appetite for aggregate cover continues to increase as coverage expands, particularly for secondary perils. 

New capacity has entered the space, led by insurance-linked securities carriers and some rated insurers.