频率保护带来增长机会

protection provides portfolio diversification benefits,complementing peak peril occurrence-drivenexposures. It also strengthens relationships withcedants. As competition intensifies on traditionaloccurrence catastrophe programs, reinsurersthat demonstrate flexibility and commitment tosolving cedants’ volatility challenges will find theirpartnerships becoming more durable and valuable. Guy Carpenter’s Randy Fuller says closing theaggregate XoL coverage gap can strengthenreinsurer-cedant relationships The recent hard market cycle reshaped the catastrophereinsurance landscape in fundamental ways. In an abundance of caution, many reinsurerswithdrew support for lower-attaching reinsuranceprograms and coverage for “secondary” perils.This change in appetite significantly affectedthe availability of aggregate excess-of-loss (XoL)protection, with market capacity declining by morethan 80% over the past five years. What remains isa critical coverage gap for protection against high-frequency catastrophe loss years. Aggregate XoL hasbecome one of the most significantly underservedcomponents of today’s reinsurance marketplace. The early signs of returning appetite are alreadyvisible. In the first half of 2025, we saw a notableincrease in quoting activity for coverages withfrequency protection features. Significant newcapacity was deployed into large global and U.S.national aggregate programs. While these developments are encouraging,the market opportunity extends well beyond thelargest buyers. Regional and niche carriers are alsoseeking solutions that address the unpredictability offrequency-driven losses, and aggregate XoL remainsthe most natural fit. For reinsurers, filling this gap is a challenge thatalso represents a tremendous opportunity. As wetransition to more stable market conditions, priorlessons learned will result in more effective andsustainable solutions for solving frequency-drivenvolatility. Additionally, recent innovation in parametricsolutions and catastrophe modeling has enabled newways of defining triggers and delivering efficientcapacity.For cedants, this protection is vital. It reduces The need for frequency protection is as pressingas ever, and new perspectives on risk can underpinsolutions. Improved understanding of actual eventfrequency in recent years – and the drivers of losssuch as changes in weather patterns, populationgrowth and inflation – provide a stronger foundationfor evaluating frequency exposure. volatility in earnings, supports more stable capitalplanning and provides a safety net during yearsof multiple moderate events. For reinsurers, thestructure offers a way to put capital to work in adisciplined manner, tapping into demand that is bothsubstantial and persistent. Catastrophe reinsurance programs themselveshave been recalibrated, with attachments shiftingmaterially higher, generally attaching at no less thana 1-in-10-year return period. This shift in risk appetite,with cedants’ occurrence retentions increasingby 50% to 100%, will also translate to frequencyprotection covers, resulting in products that alignboth cedants’ risk transfer goals and reinsurers’desired risk profile. HOW GUY CARPENTER CAN HELP Guy Carpenter helps companies evaluate catastropheexposure and design programs that balance risktransfer efficiency with reinsurer risk appetite.By leveraging new risk perspectives and marketinnovation, we develop structures that work for bothsides of the equation. Aggregate XoL is not a newconcept, but in today’s marketplace, it has never beenmore relevant. The opportunity lies in approaching itwith the sophistication and balance that modern riskmanagement demands. Randy Fulleris head of GuyCarpenter’sNorth AmericaPropertyCenter ofExcellence Importantly, the rationale for supportingaggregate XoL extends beyond filling a marketvoid. For reinsurers, underwriting frequency