Reinsurance News
Insurance and reinsurance pricing news
News on pricing in global insurance and reinsurance markets, with a particular focus on renewal rates on line in reinsurance and commercial insurance pricing trends.
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
Industry seeks more convergence between actuarial and data science, says Akur8
4th October 2022
According to Akur8’s first Global Pricing Survey, 83% of key players in the insurance pricing community believe the convergence between actuarial and data science would be highly valuable to their team in the future. The survey notes that pricing teams across the insurance industry are committed to activating the power of ... Read the full article
JP Morgan confident that reinsurance pricing will increase in 2023
26th September 2022
Analysts at JP Morgan are confident that the reinsurance market will show further hardening in 2023, despite already seeing several years of prices increasing. The report states that at the 2022 mid-year renewals, the market saw some business unable to be placed at all, particularly in lower layers on reinsurance programmes. ... Read the full article
Lloyd’s market not yet universally hard: Patrick Tiernan
23rd September 2022
Chief of Markets Patrick Tiernan has cautioned that the insurance and reinsurance marketplace at Lloyd’s of London is “not yet universally hard” and has emphasised the need for rate adequacy amid challenging conditions. Addressing an audience as part of the Lloyd's market Q3 update, Tiernan acknowledged that syndicates are currently operating ... Read the full article
Reinsurance on cusp of true hard market: JMP
16th September 2022
Analysts at JMP Securities have reported that the property reinsurance market maybe be “on the cusp” of a truly hard pricing environment, ahead of the January 1 renewals. Following its discussion at the Rendez-Vous de Septembre event in Monte Carlo this year, JMP concluded that the reinsurance sector is clearly in ... Read the full article
Hiscox sees opportunities at hard 1/1: Kathleen Reardon
11th September 2022
Kathleen Reardon, Chief Executive Officer (CEO) at Hiscox Re & ILS, has said that she sees “interesting opportunities” for her company at the upcoming January 1st renewals, as signs point to continued reinsurance price increases. Speaking in a recent interview with Reinsurance News, Reardon explained that “the direction of travel currently ... Read the full article
Premium rates remain up YoY despite monthly fluctuations: IVANS
9th September 2022
Premium renewal rates for major commercial lines of business remain up year-over-year, according to the latest edition of the IVANS Index, despite fluctuations on a monthly basis. All lines of business expect Workers’ Compensation were up YoY, the Index shows, with BOP and Commercial Property showing the highest average increases. Month-over-month, BOP ... Read the full article
Reinsurance pricing to remain strong regardless of benign hurricane season: Morgan Stanley
7th September 2022
Analysts at Morgan Stanley have said reinsurance pricing will remain strong regardless of a potentially benign hurricane season in 2022. The report notes there have been no hurricanes in the first half of 2022's Atlantic storm season, with only three named tropical storms. Morgan Stanley reviewed the list of landfall hurricanes on ... Read the full article
Reinsurance sector to benefit from rising prices & strong investment income: Moody’s
6th September 2022
According to a Moody’s Investors Service report, reinsurance earnings will be strengthened by increasing prices and higher investment income amid rising interest rates. Catastrophe losses and a heightened perception of risk following the pandemic have fuelled an increase in demand for both primary commercial and reinsurance property and casualty (P&C) protection, ... Read the full article
Changes in risk appetite & models skepticism highlighted by AM Best
1st September 2022
Rating agency AM Bests’ latest reinsurance market report highlights that the global risk environment is continuing to get more complex, notably with traditional nat cat models being subjected to renewed scrutiny due to the increase in the frequency of events in the last five years. These events are usually attributable to ... Read the full article
Reinsurance rates to increase regardless of cat activity: Fitch
26th August 2022
Analysts at Fitch Ratings have argued that reinsurance rates will continue to harden during the January 2023 renewals, even in the absence of significant catastrophe losses throughout the second half of the year. In a new report, the rating agency notes that, at $34 billion, H1 worldwide insured natural catastrophe losses ... Read the full article
Marsh Index shows moderating trend for pricing through Q2
2nd August 2022
Global commercial insurance prices increased 9% in the second quarter of 2022, down from an 11% increase in Q1, according to the latest Global Insurance Market Index by re/insurance broker Marsh. While this does represent the 19th consecutive quarter of increases, analysts note that the rate of increase continued to moderate ... 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
Nearly all commercial lines pricing up through Q2: IVANS
22nd July 2022
Average premium renewal rate changes of nearly all major commercial lines of business remain up year over year, according to the latest edition of the IVANS Index while all lines increase month over month except Umbrella. The Q2 results showed that premium renewal rate change for all major commercial lines of ... Read the full article
Increasing signs a true hard market may be near, say analysts
21st July 2022
Analysts at JMP Securities have said there are increasing signs that a “true hard market may be near” in the property catastrophe reinsurance space, following the mid-year renewal period. The firm notes that the June and July renewals showed “some characteristics of a true hard market.” These included capacity shortfalls where underwriters ... Read the full article
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