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Reinsurers urged to prove value beyond lower prices as capacity rises
Westfield Specialty’s Christopher Gray said demand is growing for aggregate covers and loss portfolio transfers, especially as clients question whether multi-year protection delivers clear capital benefits.
As reinsurers prepare for Monte Carlo, Insurance Business highlights that the key issue is no longer whether the market is soft, but what reinsurers can offer clients beyond lower pricing.
Christopher Gray, divisional director of reinsurance at Westfield Specialty International, argues the renewal conversation must shift from what reinsurers will say “no” to, toward “how” they will solve more complex risk challenges through innovation and collaboration rather than capacity alone.
Gray points to structured and specialist solutions as the clearest way reinsurers can show program value. He cited rising demand for aggregate covers, loss portfolio transfers, and adverse development covers, particularly when clients are trying to manage volatility, legacy exposures, or capital pressures ahead of potential M&A activity.
The outlet also notes clients are asking tougher questions about protection that has been in place for several years but has delivered limited recoveries. Gray further pointed to emerging liability categories, including AI-related exposures, cyber, and specialty lines with limited loss history, as areas where underwriting models may need to evolve faster, and he cited lessons from aviation war risk scenarios that exposed accumulation and event-definition gaps.