Reinsurance Rates Just Had Their Sharpest Drop in a Decade. Your Premium Won't Know for Two Years.

U.S. property catastrophe reinsurance rates fell roughly 14% at January 2026 renewals. Sharpest softening since 2014. Record capital, two quiet hurricane seasons, and a developing El Niño that could keep Atlantic storms subdued through fall.

If you sit on a Florida condo board, the master policy you renew this June will reflect both signals. That's the pleasant half. The chain works identically in reverse. A major hurricane this fall won't reprice your reinsurance until mid-2027 at the earliest. The special assessment lands on unit owners in 2028. The premium you're paying right now reflects a bet placed in Zurich months ago, and the bet being placed right now won't reach you for two years. June and July renewals, when U.S.-heavy portfolios reprice, are the next point where the market could still adjust before the lag locks in.