Howden Re hosted an event ahead of the 42nd annual Nordic Reinsurance Days in Copenhagen, bringing together clients and market participants for a discussion on current trends in the reinsurance sector.
Sebastian Cook, Deputy CEO of Howden Re International, welcomed attendees. David Flandro, Head of Industry Analysis and Strategic Advisory at Howden Re, presented a market overview describing the current environment as a “hard market softening phase.” He explained that after years of strong underwriting profitability, capital has returned to the sector. This increase in capital is resulting in more competition and gradually easing market conditions.
Flandro stated that despite the growing supply, market discipline remains intact. He pointed out that high interest rates, inflation, and geopolitical uncertainty continue to affect outcomes. Secondary perils such as floods, wildfires, and severe storms are now significant drivers of loss activity. Flandro also said pricing is unlikely to return to pre-2019 levels due to structural changes in risk and capital that have made the market more resilient.
He added that “with disciplined underwriting, innovation and strong partnerships,” reinsurers can maintain sustainable and profitable growth even with ongoing macroeconomic challenges.
A panel discussion moderated by Tobias Andersson included representatives from SCOR, Swiss Re, Munich Re, Hannover Re, along with Flandro and Cook. The panel examined how reinsurers can balance opportunity with discipline as market dynamics shift. They agreed that property catastrophe business is facing increased competition while casualty and property-per-risk lines remain more controlled.
Some panelists questioned whether the market had ever been “truly hard,” suggesting it was more accurately described as a seller’s market moving toward equilibrium. Others noted that new capital and recent positive results have increased competition but contributed to a healthier marketplace overall.
The importance of maintaining underwriting discipline was emphasized by all participants. Panelists highlighted data quality, clarity in policy wordings, and claims management as key factors for upcoming renewals in 2025. Effective communication and understanding capital costs were identified as critical for future leadership in the sector.
Reflecting on the event’s reception, Andersson said: “We were delighted to bring this event to the Nordic market, and the feedback has been fantastic. Many told us this kind of open and forward-looking discussion was long overdue. A huge thank you to all our panellists for creating such an honest, fair and constructive conversation.”
On future prospects for the industry Andersson commented: “We see a market delivering strong results for reinsurers and attracting fresh capacity. This creates the softening we are seeing, but also a wealth of opportunity for both insurers and reinsurers. While pricing will naturally be a focus in the coming weeks, reinsurers clearly have the appetite to deliver new and innovative solutions that support client growth. This is a market where everyone can win.”
The event concluded with optimism about the health of the reinsurance sector. The organizers announced plans to host NRD Insights & Drinks again next year ahead of the 43rd annual Nordic Reinsurance Days.