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Generali's H1 P&C result has a warning for property brokers

Insurance Business· August 7, 2026

Generali reported a solid first half of 2026 with gross written premiums rising 5.8% to €53.4 billion, though rising natural catastrophe losses have prompted a warning for the property insurance sector. Despite a softening global commercial property market, the insurer indicated it will reinforce flexible tariff adjustments to counter a near-doubling of its catastrophe load. This strategic shift highlights the growing tension between market competition and the increasing frequency of climate-related claims impacting carrier profitability.

Generali's H1 2026 results show a 5.8% growth in gross written premiums to €53.4 billion, but the P&C segment reveals a significant shift in risk exposure. Natural catastrophe losses nearly doubled, consuming 3.6% of the P&C combined ratio compared to 1.7% in the previous year, which pushed the overall combined ratio to 91.5%. Despite this, the underlying attritional loss ratio improved to 64.3%, and P&C gross written premiums grew 6.3% to €20 billion, driven by non-motor lines and growth in Germany and the Central and Eastern Europe region.

In response to the increased frequency of natural disasters, Generali announced it would reinforce a flexible approach to tariff adjustments, signaling a move toward more careful pricing in the property sector. This stance contrasts with a broader softening in the market, where Marsh’s Global Insurance Market Index noted a 12% drop in global commercial property rates during Q2 2026. For property brokers, this means renewal negotiations are expected to become more rigorous as Generali prioritizes non-motor lines and technical profitability over simple volume growth.

The broader industry context supports Generali's cautious outlook, with Aon estimating $260 billion in economic losses from natural disasters in 2025 and Swiss Re warning of 5% to 7% annual growth in real insured losses. Group CEO Philippe Donnet emphasized that while the company remains committed to the market, it must adapt to the higher impact of climate-related events. Generali’s overall financial position remains robust, with a Solvency II ratio of 216% and record life net inflows of €8.3 billion, allowing the firm to maintain its strategic focus on non-motor P&C growth.

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