Reinsurance News
inflation
Bank of England warns re/insurers on inflationary risks to solvency
21st October 2022
The Bank of England has published a letter sharing insights from its recent thematic review across the general insurance sector focusing on the effect of claims inflation on general insurance claims. The review found that the impact of a persistent spike in claims inflation may result in a material deterioration of ... Read the full article
Bleak outlook for Europe as inflation to remain high in 2023: Munich Re
20th October 2022
According to a report from Munich Re, inflation is set to remain high in 2023, leading to a bleaker economic outlook for Europe as mixed crises are causing unprecedented levels of complexity in the business environment for re/insurers worldwide. Thomas Blunck, a Member of the Board of Management, commented, "The outlook ... Read the full article
Swiss Re sees significant increase in demand for reinsurance protection
19th October 2022
Leaders at reinsurance giant Swiss Re continue to see strong and rising demand for reinsurance protection across all lines and regions on the back of the current high inflationary environment. This morning, Swiss Re hosted a media briefing ahead of the 2022 meeting of the reinsurance industry in Baden-Baden, a key ... Read the full article
Inflation could “absolutely dominate” reinsurance outlook: PwC’s Bichard
4th October 2022
Jim Bichard, Global Insurance Leader for PwC, has warned that inflationary challenges could “absolutely dominate” the insurance and reinsurance landscape in the near future. Speaking to Reinsurance News at the recent RVS 2022 event in Monte Carlo, Bichard identified the main trends under discussion as the scarcity of available reinsurance capacity ... Read the full article
Possible mid-teen reinsurance rate increases for insurers in 2023: Peel Hunt
26th September 2022
Insurers are likely to have to accept mid-teen reinsurance rate rises next year, just to cover inflation and climate risk, if they wish to transfer the same level of risk to reinsurers, according to Peel Hunt analysts. At the Reinsurance Rendezvous conference last week, Peel Hunt highlighted that current inflation, which ... Read the full article
Global insurance sector outlooks at risk from high inflation & rising interest rates: Fitch
16th September 2022
In a new report, Fitch Ratings has warned that insurance sector outlooks in several markets across the world could move to deteriorating if both high inflation and rising interest rates continue to persist beyond the rating agency’s latest forecasts. Analysts have analysed the potential impact of a conservative economic scenario with ... Read the full article
Rate discussions inevitable amid accelerating loss cost drivers: Thierry Léger, Swiss Re
14th September 2022
As the year turns the corner towards its end, it is time not only to take stock of everything that has happened in 2022, but also of what may - or probably will - come to pass in 2023. Reinsurance News recently took the time to sit with Thierry Léger, CUO ... Read the full article
Swiss Re warns ‘true’ GDP growth may be lower than expected
13th September 2022
Analysts at Swiss Re have warned that ‘true’ GDP growth could be lower than most forecasts are predicting due to the carryover effects of last year’s growth dynamics on this year’s figures. In 2023, the reinsurer adds that this effect should reverse for GDP growth – but should intensify for inflation. Swiss ... Read the full article
Strong demand for reinsurance amid high inflation: Goldman Sachs
13th September 2022
With the 2022 annual briefings having started in Monte Carlo, analysts at Goldman Sachs have highlighted a strong demand for reinsurance amid higher inflation, while capital supply is flat to down. It expects strong rate increases will continue in the January 2023 renewals, with companies taking a more cautious view. Goldman ... Read the full article
Everest working hard to seize opportunities in reinsurance: Jim Williamson
13th September 2022
With a risk horizon that is constantly shifting and challenging the industry in advanced ways, Chief Operating Officer and Head of the Reinsurance division at Everest Re, Jim Williamson, discusses the firm's approach to navigating said risks, alongside strategies for maximising growth while reducing volatility. Reinsurance News spoke with Williamson around ... Read the full article
Tight market to persist amid rise in demand for protection: Peak Re CEO Hahn
12th September 2022
While it remains too early to predict how the January 1st, 2023, reinsurance renewals will develop in Asia, current trends suggest that tight market conditions will persevere as demand for protection rises, according to Franz Josef Hahn, Chief Executive Officer (CEO) of Hong Kong domiciled reinsurer, Peak Re. Reinsurance News spoke ... Read the full article
European insurance sector outlooks at risk from inflation, rising rates: Fitch
9th September 2022
According to Fitch Ratings, several European insurance sector outlooks could move to ‘deteriorating’ if high inflation persists and interest rate rises become more significant. In a recent study, Fitch analysed the potential impact of an economic scenario with mid-to-high single-digit inflation throughout 2023 and 10-year interest rates increasing by a combined ... Read the full article
Power sector faces rising rates and a new risk landscape, says WTW
9th September 2022
Risk managers in the power sector must navigate a new risk landscape brought about by the Russia-Ukraine conflict, global inflation, the energy transition, and climate change, according to the 2022 Power Market Review from WTW. With power insurance prices continuing to rise, risk managers must balance these risks while ensuring that ... Read the full article
Renewal rate increases “eaten up by live issues” – Swiss Re’s Mumenthaler
9th September 2022
Reinsurance companies reported some fairly significant price increases during the 2022 renewals, but the impacts of inflation and adapted models has, for the most part, offset these rises, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. In a recent video interview, Mumenthaler spoke with ... Read the full article
US still near peak inflation: Aon
7th September 2022
According to re/insurance broker Aon, the US appears to be nearing, or past peak inflation, with broad inflation still close to a 40-year high of 8.5%, though down from last month’s 9.1% reading. Falling energy prices primarily drove the decrease, says Aon, with building materials and used vehicle prices also seeing lower ... Read the full article
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