Reinsurers have failed to push through significant rate rises in the April 1 renewal season as buyers maintain the upper hand in a market flush with capacity, according to Willis Re.

Losses from last year’s hurricanes Harvey, Irma and Maria have had a limited impact on the traditional and insurance-linked securities (ILS) markets.

“The trend set at January continued at April 1,” Global CEO James Kent says in the global broker’s latest 1st View report.

“Any hopes reinsurers held for meaningful real rate increases to help offset difficult 2017 results have been dashed.

“Buyers were able to renew loss-free programs, broadly achieving flat year-on-year renewal pricing.

“Now, a slower upward trend across different lines of business is what observers are stating as the more likely trajectory, particularly if loss ratios on the underlying business continue to deteriorate.”

ILS assets continue to grow, with many of the larger funds building their own analytical skills and developing their “own view of risk”, the report says.

“This is helping them manage their investors’ expectations with regard to less obvious exposures,” Mr Kent says.