Summary of key points

1. In an extraordinarily challenging period for most insurers, pricing pressure has been apparent since January this year
2. Related to this, there is added pressure on reinsurers from the current inflationary environment, low investment returns, and losses including those resulting from climate change and natural disasters
3. In response we have, or are:
   – Commenced early renewal discussions with our reinsurance partners to secure the most favourable terms possible in challenging market conditions
   – Gathering additional data with your teams’ help to ensure we have good quality information to accurately price risk
   – Continuing to go beyond providing insurance cover work with members on risk management
4. While we can’t control the reinsurance market, we can, as your mutual, predict and respond to the market to best serve and protect you. This includes partnering with your teams to navigate the challenging conditions on your behalf.
5. We are on track for a 1 October reinsurance renewal.

Unimutual’s view of 1 July reinsurance renewals

Protecting our Members against loss is of critical importance and the primary driver for the existence of your mutual. To provide you the levels of protection you require, we buy reinsurance protection to spread risk and the cost of large losses.

Unimutual provides this report for general information only. The information contained herein is based on sources we believe reliable, but we do not guarantee its accuracy, and it should be understood to be general information only.

Unimutual makes no representations or warranties, express or implied. The information is not intended to be taken as advice with respect to any individual situation and cannot be relied upon as such.

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