The Reinsurance Paradox: Rising Risk, Falling Prices

<p>David Flandro, head of industry analysis and strategic advisory at Howden Re, discusses a growing reinsurance paradox: global risk is rising, but prices are falling. The episode was recorded as re/insurance executives headed to Monte Carlo for RVS 2026. The conversation explores what geopolitical instability, higher interest rates and the cost of capital mean for the market, whether Middle East losses could prove market-changing, and what combination of shocks it might take to turn the reinsurance cycle. Flandro also explains why geopolitics is becoming increasingly important to the way insurers and reinsurers analyse risk. And you can find Howden Re&#39;s &quot;Breaking the glass&quot; report, which we discuss in this episode, right here: https://www.howdenre.com/news-insights/howden-re-releases-breaking-glass</p>