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Non-life reinsurers see better underwriting ratios in H1 2026
Fitch said the combined ratio for 18 tracked non-life reinsurers fell to 86.1% in H1 2026 from 92.7% a year earlier, helped by reduced catastrophe losses.
Fitch Ratings reported that non-life reinsurers improved underwriting profitability year over year in the first half of 2026, driven by lower catastrophe losses, even as it characterized the market as difficult.
According to Fitch, the combined ratio for 18 Fitch-tracked reinsurers came in at 86.1% in H1 2026, down from 92.7% in H1 2025. Fitch also said non-life reinsurance net premiums fell 6% year over year in H1 2026, reflecting accelerating softening conditions as pricing declines across most lines and policy terms loosen.
Fitch attributed part of the improvement to reduced catastrophe losses of 3.5 percentage points in H1 2026, versus 10.9 percentage points in H1 2025. It added that reinsurers are still expected to maintain favourable returns in 2026 despite the competitive, capacity-rich environment.
For Fitch-tracked life and health reinsurance operations, the rating agency said pre-tax income rose 12% and net revenue increased 9.5% in H1 2026, providing diversification from property and casualty. Fitch’s seven Bermuda-based re/insurers reported an 85.3% combined ratio in H1 2026, with underwriting profits at all companies, supported by a 15.7% net income return on equity, down from 18.6% in 2025.