At the July reinsurance renewals Munich Re navigated the soft market conditions and as a result the volume of business written fell by 9.1% to EUR 2.9 billion. But importantly Munich Re clarified that, “Owing to largely stable contractual terms and conditions, the quality of the portfolio remains high.” Munich Re further commented on the July renewals, “Overall, prices showed a downward trend. Year-to-date, across the January, April and mid-year renewals, Munich Re reports its prices as declining 3.1%. Forecasting for the January 2027 reinsurance renewals that, “Munich Re expects a market environment in which the sustained favourable price levels as well as improved terms and conditions can be largely upheld despite the high level of competition.”