Reinsurance rates declined sharply across Asia and India during the April 1 renewal season, with India seeing price cuts of over 20% in key segments and global catastrophe losses falling more than 50% year-on-year, according to a report by Guy Carpenter.

Globally, insured catastrophe losses in the first quarter of 2026 are estimated at around $13 billion, significantly lower than the five-year inflation-adjusted average. Lower losses, along with strong capital inflows, have created excess capacity in the reinsurance market, driving competitive pricing across regions.

The April 1 renewal cycle is particularly important for Asia and India. Around $1 billion worth of reinsurance premiums in Asia and 100% of reinsurance treaties in India were up for renewal this season, making it a key indicator of pricing trends.

Atish Suri, CEO India, Middle East & Africa, Guy Carpenter, said, “Reinsurers in India and the Middle East are demonstrating a strong commitment to maintain coverage despite the complexities posed by ongoing conflicts. Our focus remains on protecting clients’ interests and ensuring that no significant commercial limitations are placed on renewals, reflecting the resilience and adaptability of the market.”

India renewal season turns highly competitive

India witnessed one of its most competitive renewal seasons in recent years. Loss-free excess of loss contracts saw price reductions exceeding 20%, supported by lower claims and strong domestic capacity. Pricing remained competitive across liability and specialty segments, including cyber insurance.

The number of international reinsurers operating in India continues to rise, with 18 foreign players currently registered at the International Financial Services Centre.

Asia sees broad-based price cuts

In Asia, Japan, the largest market renewing on April 1, recorded double-digit price declines in property catastrophe and property per risk covers as capacity outpaced demand. Casualty and specialty lines also softened, supported by new entrants and additional capital.

Other markets including Indonesia, South Korea, the Philippines, and Singapore saw similar double-digit reductions, especially in loss-free catastrophe business. Increased participation from reinsurers seeking diversification led to higher quoting activity. Despite the pricing pressure, contract terms and structures remained stable, with most renewals completed about a week ahead of schedule.

Reinsurers also assessed risks arising from the ongoing Middle East conflict, where potential losses across political violence, marine, and aviation lines could be significant. However, coverage continuity remained intact, with no restrictive clauses introduced for renewing clients.

“The Asia reinsurance market is demonstrating robust capacity and competitive pricing, particularly in Japan and surrounding territories. Despite geopolitical uncertainties, reinsurers are keen to support clients with innovative solutions, ensuring stability and continuity in a rapidly evolving environment,” Tony Gallagher, CEO Asia Pacific, Guy Carpenter, said.