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Hurricane Ian to remain an earnings event for re/insurers: Berenberg

28th September 2022

Analysts at investment bank Berenberg have said they remain confident that Hurricane Ian, currently bearing down on the Florida coast, will remain an earnings event for insurers and reinsurers, rather than a balance sheet event. The forecast path for Hurricane Ian, which is now a major Category 4 storm with ... Read the full article

Berenberg says rates will increase at least in line with inflation

15th September 2022

Berenberg has said that it is confident that reinsurance rate rises will be at least in line with inflation. The firm released a note called Monte Carlo: Reinsurers Hitting a Home Run, in which it said that not only would rates go up by at least the same amount as inflation, ... Read the full article

Rate increases will persist and could be in “low double-digit” region – Berenberg

27th July 2022

Berenberg expects rate increases in 2H 2022 to persist in loss-affected lines and programmes where loss experience has been elevated in recent years - and forecasts these to be in the low double-digit region. Reinsurers have been able to obtain price hikes of 10-30% in programmes with poor loss ... Read the full article

Berenberg forecasts improved underwriting for AXA XL

15th July 2022

Analysts at Berenberg are forecasting improved results for AXA ahead of the company’s forthcoming H1 results, including better underwriting both on a group level and within the AXA XL business unit. During Q1 2022 results, AXA said that AXA XL’s Russia loss would be at about the same level as the ... Read the full article

SCOR “likely to underperform peers in short-term” – Berenberg

6th July 2022

Berenberg is forecasting that, in Q2, SCOR will experience a net loss of €43m, and is likely to continue to underperform peers in the shorter term.  This is driven primarily by inaccurate expert assessment of catastrophe events, as well as the ongoing impact of drought losses in ... Read the full article

Insurers “relatively well prepared for a recession” – Berenberg

29th June 2022

Insurers are relatively well prepared for a recession, according to a newly issued sector note by Berenberg. The privately owned bank also predicts a “shallow recession” in 2022-23 across Europe, the UK and the US. Reasons given include the strength of cash positions and cash flows, solvency ratios nearing ... Read the full article

Rising interest rates “fundamentally positive for the sector” – Berenberg

27th June 2022

Berenberg's recent speed dating event took the temperature of the insurers in attendance. Overall, they were positive about the outlook for the sector. All participants acknowledged that the macroeconomic environment is challenging at present. However, the majority remained confident about the outlook for Q2 as well as the longer ... Read the full article

London market conditions “exciting” for reinsurers: Berenberg

21st June 2022

Analysts at Berenberg have said that “there is a lot for reinsurers and London Market participants to be excited about,” despite the challenges of a difficult macro environment. In a new report, the firm notes that pricing was even better than expected when companies reported at Q1 and the market is ... Read the full article

Impact from Russia-Ukraine likely to go into next year, says Berenberg

1st June 2022

Berenberg analysts have warned renewal rates in Florida are going to jump by 20-30%, while the Russian invasion of Ukraine will have an ‘accelerating’ impact on reinsurers' rates. In a new note, Tales from the City, the firm said that these were two issues that arose from its meeting with the ... Read the full article

Florida rates expected to increase 20-30% at least: Berenberg

31st May 2022

Following meetings with the management teams of major insurers and reinsurers, analysts at Berenberg say rates are expected to increase by at least 20-30% at the upcoming June renewals. According to Berenberg, renewals look to be disorderly and seem to be reaching an inflection point as June 1 approaches, with a ... Read the full article

Investors “increasingly disenchanted” with reinsurance: Berenberg

9th May 2022

Analysts at investment bank Berenberg have described the conflict between Russia and Ukraine as “the final nail in the coffin” for many investors who the firm says have become “increasingly disenchanted with the subsector’s perceived proclivity to lose money.” Berenberg acknowledged that heavy natural catastrophe losses over the past five years, ... Read the full article

Allianz will have €150m of losses from Russia exposures: Berenberg

20th April 2022

Ahead of Q1 2022 reporting season, Berenberg has said that it estimates that global insurer Allianz will have €150 million of total losses from its various Russia exposures. The firm said that it believes that Allianz will impair its €1.5bn cross-border investments in Russia in Q1 2022E, and also take a ... Read the full article

Zurich’s exposure to Ukraine conflict minimal, reserves strengthened: Berenberg

23rd March 2022

Analysts at investment bank Berenberg have argued that Zurich’s exposure to Russia’s invasion of Ukraine and the resulting sanctions are minimal, while its reserves appear stronger than in the previous year. It’s estimated that Zurich added $500 million to its already strong claims reserves in 2021, before reinsurance. This is equivalent to ... Read the full article

Berenberg expects Q1 2022 to be millions over budget for Allianz

17th March 2022

Berenberg has said it expects Q1 2022 for Allianz to be €600m over budget. The firm said it based this analysis on natural catastrophe losses arising from European storms and floods in Australia, which it said were around €300m above the normal run rate. In addition, it calculated €300m worth of ... Read the full article

“Russian nationalisation of stranded planes biggest risk to London market” – Berenberg

16th March 2022

The greatest risk to the London insurance market could be in the aviation lines due to Russia’s nationalising of planes trapped within its borders due to international sanctions. In recent days, the Russian state has moved to deal with the issue of the 500+ leased jets that cannot leave the ... Read the full article