The 1/1 2027 renewal is approaching, and African property cat capacity is in a different shape than it was twelve months ago. Markets that retreated from the continent in the wake of the 2022–2024 catastrophe years are re-engaging — selectively, on better terms, and with a sharper view on aggregations.
What the panel is telling us
Across our reinsurance panel, three trends stand out:
- More capacity, narrower appetite. Carriers are willing to deploy line size, but only where data quality and modelled output meet a markedly higher bar than two years ago.
- Structure over price. Rate adequacy is no longer the only conversation. Reinsurers are pushing for cleaner programme structures — fewer reinstatements, sharper event definitions, tighter hours clauses.
- Earnings protection, not balance-sheet protection. Frequency cover, particularly for secondary perils, is harder to secure than it was. Cedants relying on aggregate covers should expect attachment points to harden.
How cedants should position
For African cedants going into 1/1, the early movers are getting the better terms. We're advising clients to:
- Engage early — and bring data. Reinsurer underwriting calendars are full from mid-November. Final submissions arriving in December will face a tougher market simply because there is less time to negotiate.
- Lead with portfolio quality. A clean, well-documented exposure file with credible model output goes further than a rate increase. Markets are paying attention to how cedants explain their own book.
- Be willing to restructure. Programmes that were placed comfortably two years ago may need different attachment, layer or reinstatement terms to clear today. Better to plan that conversation than discover it in December.
Capacity is available for the cedants who arrive prepared. The differentiator this season is not price — it is how clearly you can describe your own portfolio.
Anchor's role
We sit between the African cedant and the global panel. Where structures need adjustment, we run the numbers; where appetite is the question, we know which markets are leaning in and which are leaning out. The objective is the same we've always run with: a placed programme, on transparent terms, with carriers who pay.
If you have a 1/1 placement in flight, we'd rather hear about it in November than January. Reach the desk at underwriting@anchorrisktransfer.com.
