Japan April 1, 2022 Reinsurance Renewal: Pricing Up Some, Process Was Orderly

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Guy Carpenter’s briefing, Non-Marine Treaty Preliminary Japan Renewal Review, indicates that modest growth in exposure drove gentle swells in rate, with a low-single-digit percentage increase in risk-adjusted pricing on average. Capacity had tightened some, but the April 1, 2022, renewal went smoothly and as anticipated.


Issues of sanctions and war resonated in the market. A minority of reinsurers expressed concern with war clauses and territorial scope of treaties. Allaying concerns in this area required careful negotiation.

Non-Marine Treaty Preliminary Japan Renewal Review

Modest growth in exposures meant gentle increases in rate were expected.