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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
Berenberg says slow rises in interests rates best for insurers
4th March 2022
Insurers benefit most from a gradual rise in interest rates, according to a new note from Berenberg. The firm said that interest rate volatility has affected insurance stocks in the past, pointing oto the crash of October 1987 and an unexpected tightening by the Fed at the beginning of 1994. Despite ... Read the full article