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In Q3, 46% of primary policies renewing with the same limit and deductible received a price decrease, while 16% received a price increase, according to Aon.
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Cyber saw the biggest increase in the quarter, while financial and professional lines saw a slight reduction.
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Winter storms in the first half of 2022 are expected to result in claims totalling EUR1.4bn.
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Reinsurers are demanding price increases and higher retentions as brokers warn cedants to be ‘realistic’.
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Reinsurers and brokers alike have warned of a rocky 1.1 renewal process ahead as the industry grapples with multiple issues including inflation, climate change and geopolitical uncertainty.
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Marsh CEO Martin South added that the broker expected to see property rates easing, but "the reverse is going to be true."
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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Munich Re board member Thomas Blunck warned inflation will remain high in 2023, driving up loss costs.
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The move reflects the ratings agency’s downgrade of majority owner Fosun last week.
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In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.
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The ratings agency predicts a combined ratio of 95.2% for the companies on its watch this year.
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The broker said some reinsurers were planning for significant growth in property catastrophe as demand is expected to pick up pace.
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