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Jakarta – The global retrocession capacity in 2024 and 2025 is expected to return to pre-pandemic levels after experiencing a hardening market over the past few years.
This was shared by Magda Fadly, Treaty Group Head of PT Tugu Reasuransi Indonesia (Tugure), during the Empowering Growth Through Partnership and Collaboration Sharing Session held from July 18-21, 2024, in Da Nang, Vietnam.
Magda explained that the hardening market, which began in 2019, has not yet ended. This situation has made retrocession capacity difficult to secure and has led to rising retrocession premiums.
“It’s still ongoing. In 2022–2023, it was a stroke of luck to secure 100% capacity, as the capacity available was very limited,” she said.
Magda added that the hardening market was driven by global-scale catastrophic events. These events have had an impact on pricing retrocession premiums in Indonesia.
“This has created a domino effect, with high market prices. While capital improved in 2023-2024, several global catastrophes, including an earthquake in Japan in Q1 2024, have already occurred,” she explained.
Aries Karyadi, Property & Engineering Group Head at Tugure, further noted that the retrocession market is currently selective, considering higher retention and improved ultimate net loss.
“So, what will happen in 2024/2025? Global capital is expected to normalize, as it was before the Covid-19 pandemic,” Aries concluded.
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