Global reinsurance giant Swiss Re has reported this morning that the reinsurance renewal environment is challenging but said it is remaining disciplined. While premiums declined in natural catastrophe underwriting due to falling prices, the company cited broadly stable terms and conditions. That is the result of “nominal price declines in a challenging market” in natural catastrophe reinsurance underwriting, Swiss Re explained. But the reinsurance giant also importantly highlighted that “underwriting discipline was broadly maintained on terms and structures,” while T&Cs were seen as “broadly stable.” Year-to-date, the net price change on renewals in 2026 is now running at -4.6%.