Artex's signature state-of-the-market report, The Alternative View, provides valuable insights and perspectives on the current trends and developments across the commercial insurance, global reinsurance, alternative risk and alternative capital markets.

Highlights from the fall 2025 edition include:

US Property Casualty insurance market.

  • Property: The US commercial property market has enjoyed steady pricing and plentiful capacity, with a more competitive renewal environment. However, growing challenges still exist, many of which stem from climate change.
  • Casualty: The multi-year challenges that the casualty market faces haven't eased in 2025. This situation is particularly true in the commercial auto, general liability and umbrella/ excess liability insurance lines.
  • Cyber: Companies are responding to potential artificial intelligence (AI) risks by revising cybersecurity protocols, bolstering data privacy policies and ensuring regulatory compliance.
  • Directors and Officers (D&O): While the D&O insurance market continues to evolve, the overall environment remains favorable for insureds, and the market is competitive when it comes to pricing, with ample capacity.

Global reinsurance market.

  • The global reinsurance market in 2025 has been all about growth, as companies seek to put excess capital to work.
  • Despite an earlier-than-usual wildfire season, reinsurers continue to view property as attractive.
  • Reinsurers are being prudent in their risk selection, enforcing stricter contract terms, raising attachment points and adopting a more selective underwriting strategy, particularly for casualty.

Alternative risk market.

  • The role of the captive continues to be elevated from a passive tool for hard markets and difficult-to-place risks, to a proactive, strategic risk-financing vehicle, regardless of the market cycle.
  • The pricing and capacity stability that many commercial insurance lines are experiencing haven't slowed down captive formation in North America, EMEA or Asia-Pacific.
  • The UK government announced its intentions to initiate captive-friendly reforms with the goal of having a new framework in place by mid-2027.

Alternative capital markets.

  • With mid-year catastrophe (Cat) bond and related ILS issuance surpassing last year's record, the market is on track to achieve its USD 20 billion a year milestone.
  • Property Cat risk continues to dominate from an investor perspective; however, casualty interest hit a tipping point in 2025, both in terms of issuance activity and investor interest.
  • Milestones for Lloyd's London Bridge platform reflects growing investor confidence and the platform's effectiveness in enabling efficient risk transfer, and continued potential for the future of the UK ILS regime.

Get the full report to learn more about the state of the market for fall 2025.

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