The reinsurance market in 2024 is tightening as reinsurers raise rates, demand higher attachment points, reduce aggregate cover, and enforce stricter terms. This forces insurers to retain more risk and increase premiums. In response, some consumers are self-insuring, downgrading coverage, relocating to lower-cost regions, or forgoing insurance. The market remains dominated by large reinsurers due to capital requirements. To cope, insurers are advised to adopt generative AI for underwriting and claims, and modernize reinsurance systems to better manage complex treaties, international markets, and workflow efficiencies.

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