MAPFRE RE January renewals: Bueso signals stability and reaffirms long‑term stance

A steady 1/1 2026 renewal season is anticipated by MAPFRE RE. “The reinsurer prioritises clients, maintains strict technical discipline, and takes a long-term approach,” said Carmen Bueso, CUO Non-Life in Monte Carlo. In addition to improving underwriting, expanding the book, and using technology to enhance risk assessment and daily efficiency, she explained how the team planned ahead with specific adjustments, monitoring changes in demand, competition, pricing and technical soundness, regulation, and client demands.

MAPFRE RE strategy: client focus, strong technicals, long‑term view

Speaking at the Monte Carlo Rendez-Vous de Septembre, Carmen Bueso, CUO Non-Life at MAPFRE RE, said that the company does not expect significant changes at the 1/1 2026 renewals, retaining its client-focused strategy anchored by strong technical discipline and a long-term outlook.

Bueso told Reinsurance News that as a major player in the market, we plan ahead for renewals by making targeted strategic changes to keep up with changing market conditions. We do this by constantly reviewing client needs and key signals like changes in reinsurance demand, competitive intensity, pricing and technical adequacy, and regulatory developments.

She also said that the team is constantly improving its underwriting discipline, increasing the diversity of its portfolio, and using technology to make risk assessment more accurate and operations more efficient, all in the name of providing better service to clients.

Bueso said, however, that the company does not expect any major changes at the January renewals. He stressed that the company’s stance remains the same: a focus on the client, backed by strict technical standards and a long-term view.

She also talked about how MAPFRE RE thinks prices might change in the property, property catastrophe, and casualty segments by 1/1/2026.

“It is prudent to be cautious and vigilant when examining future pricing terms, as we are still in the middle of the Atlantic hurricane season,” she said.

“Price adjustments have already occurred in the Property arena in previous renewal cycles,” Bueso said. Concerning elements that might be involved include increasing inflation, claims expenses, and catastrophic risks.

“Compared to prior years, we anticipate greater client-differentiated pricing. That being said, some price pressure may be anticipated in the face of heightened competition.

Discipline holds as secondary perils rise

With growing litigation expenses, higher jury verdicts, and the growth of third-party litigation financing, social inflation is still a major issue in Casualty. Furthermore, certain significant market participants have lately suffered because to their exposure to U.S. casualty lines, a market in which we do not operate, which has resulted in a tightening of market capacity.

“Because of reserve uncertainty and systemic risk, we expect reinsurers to remain prudent and maintain pricing discipline.”

“All things considered, we cultivate a disciplined underwriting environment that is client-focused, which we believe is ultimately beneficial for all market participants, including our clients.”

We questioned Bueso later in the conversation about the stability of attachment points until 2026 and if reinsurer discipline is holding.

We believe that to be so in general. The discipline is evident in more stringent underwriting procedures, selective capacity deployment, and an emphasis on attaining appropriate price for the risks covered, she said, adding that pricing has progressively changed as we had anticipated.

“As for the attachment points, demand from cedents will undoubtedly be crucial,” Bueso said. “They may look for lower attachment points to lessen their own exposure to rising claims costs and volatility.” Although we think this will seldom ever occur, growing rivalry among reinsurers may also put pressure on them to reduce attachment points in order to draw in business.

Given the rising risk from secondary dangers, which have had a significant influence on the performance of the reinsurance sector, reinsurers are anticipated to place a higher priority on risk management and profitability with the goal of maintaining stable attachment points.

“Assuming no wind blowing in the Atlantic, we expect the market to remain well-capitalized and resilient, with reinsurers balancing growth ambitions against risk volatility,” Bueso said as he wrapped off the conversation about the present capacity supply-demand balance.

In this context, we think capacity may increase selectively in places where reinsurers see chances for reasonable rates and controllable risk. Additionally, alternative capital is growing, particularly in areas vulnerable to natural disasters, aiding in capacity expansion and price stabilisation.

“We expect a rise in demand for frequency protections, which, as I mentioned earlier, will require careful consideration in light of the recent experience (inadequate pricing of secondary perils risk, increasing exposures from inflation, and loss creep).”