WTW: specialty insurers and reinsurers have given back about 65% of hard-market rate gains, net of trend

Specialty rates in the London, Bermuda and US excess and surplus markets kept falling in the first half of 2026, according to WTW's Specialty Insurance Marketplace Survey, Reinsurance News reported on 27 October. Net of claims and exposure trend, rates rose about 50% in total between 2017 and the market peak in 2023; by July 2026 about 65% of that gain had gone.

Across insurance and reinsurance combined, WTW's rate index fell 4% gross of trend and 6% net of trend in the first half. At the 1 July renewals alone, the fall was 6% gross and 9% net, according to WTW's Richard Clarkson. Insurance rates softened at about twice the 2025 pace, and reinsurance rates three to four times faster.

All 15 material classes posted net rate decreases. Property fell most, by 17% net of trend at 1 July. Energy and financial and professional lines saw high-single-digit cuts, with early signs of stabilisation in US financial lines; marine fell by a mid-single-digit amount, and aviation and accident and health by a low single digit. In casualty, rate rises of 6% did not keep pace with an 8% claims trend, which WTW treats as an effective 2% cut.

The survey draws on about $300bn of gross written premium over a ten-year cycle, including $50bn in 2025 and $29bn in the first half of 2026, and covers both the 1 January and 1 July renewals.