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.
Property lines with poor loss history to see rate rises up to 150%: USI
5th January 2023
Broker and consulting firm USI Insurance Services has forecast that cat or non-cat property with poor loss history or poor risk quality may see rate increases of up to 150% in the first half of 2023. Following three years of a firming market with increased deductibles, valuation adjustments, and reductions in ... Read the full article
WTW report finds US commercial insurance prices up YOY
23rd December 2022
A new survey from WTW has found that prices for US commercial insurance increased again during the third quarter of the year. A statement from the firm said that it had compared prices charged on policies underwritten during Q3 2022 to those charged for the same coverage during Q3 2021. The aggregated ... Read the full article
Commercial rates show variability month to month: IVANS
21st December 2022
Data from the latest edition of the IVANS Index shows that average premium renewal rates for nearly all major commercial lines of business remain up year over year while month-over-month rates experience continued variability. The November 2022 results of the premium renewal rate index show that, year over year, all lines ... Read the full article
Reinsurance capacity strained with rates to increase 50% for US cat: Goldman Sachs
19th December 2022
A new note from Goldman Sachs around P&C insurance reports that reinsurance capacity is strained with rates potentially up by over 50% for US cat. The note arises from conversations the financial giant had with property and casualty insurers, that the firm said were ‘most optimistic’ with the current environment favourable ... Read the full article
US commercial P&C rates decelerate to 5%: MarketScout
14th December 2022
The latest Insurance Market Barometer from MarketScout and accompanying commentary from analysts at Keefe, Bruyette & Woods reveals that U.S. commercial property and casualty insurance (P&C) rates rose by 5% y/y, below October's +5.9%, which probably reflects both deceleration and monthly volatility. Although rate increases appear to have peaked in December ... Read the full article
Cyber competition slowing rate increases for firms with good security: WTW
13th December 2022
A new note from WTW says that increased competition from cyber underwriters has led to more nominal rate increases when organisations can demonstrate good cyber security controls year over year. The firm said in its note that these cyber underwriters were eager to write new business following the recalibration of cyber ... Read the full article
WTW sees clear flight to quality amid hardening reinsurance market
9th December 2022
Analysts at WTW have observed a “significant flight to quality” in the reinsurance market as insurers use the hardening market to ‘housekeep’ their existing portfolios prior to focusing on new business. The broker's Insurance Marketplace Realities 2023 report predicts further rate firming for the property reinsurance market, with more withdrawals of ... Read the full article
“Grip of the hard market is loosening”: WTW’s Jon Drummond
7th December 2022
Jon Drummond, Head of Broking, North America at insurance broker WTW, has claimed that the “grip of the hard market is loosening” despite some upward pressures across lines. Writing in the latest Marketplace Realities report from WTW, Drummond noted that the second half of 2022 has “ushered in a new environment ... Read the full article
Lancashire may reduce cat exposure if retro pricing proves high: analysts
2nd December 2022
Analysts at Jefferies have suggested that Bermuda-based re/insurer Lancashire Holdings could look to reduce its gross catastrophe exposure next year, if the company is unable to purchase retrocession cover at a good price. Jefferies expects Lancashire's net catastrophe exposure to remain broadly flat in 2023, albeit with net premiums still growing ... Read the full article
Commercial lines premiums up YoY through Q3: Applied
30th November 2022
Applied Systems, a global provider of cloud-based software that powers insurance businesses, has released the third quarter results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. The index shows that average premium rates increased year-over-year in Q3, while quarterly rate change experienced variability across the most commonly ... Read the full article
Reinsurers face “generational opportunity,” if they can deploy: Howden’s Michelle To
29th November 2022
Michelle To, Head of Business Intelligence at international insurance broker Howden, has asserted that the current pricing environment presents “generational opportunities” for those reinsurers that are able to deploy capital efficiently. Speaking as part of a Q3 insurance and earnings update, To concluded that pricing dynamics are “creating a healthier forward ... Read the full article
Reinsurance market expected to cause Hull insurers difficulties at renewals: Gallagher
29th November 2022
According to the Divisional Director of Marine at Gallagher, Mike Ingham, the reinsurance market is expected to present Hull insurers with a new set of difficulties at the forthcoming January renewals. Ingham notes that the market is already suffering from large potential losses on Aviation War and War on Land policies. He ... Read the full article
European re/insurers bullish on rates and growth for 2023: Berenberg
28th November 2022
Analysts at investment bank Berenberg have reported that non-life and composite re/insurers in the European market appear to be “categorically bullish” on the outlook for pricing and their prospects for growth. The analysis follows calls with a number of firms across Italy, Spain and Switzerland, Berenberg said. The discussions highlighted that most ... Read the full article
Capital constraints despite “very strong” pricing outlook for European reinsurance: JP Morgan
24th November 2022
Prices for the European reinsurance market are predicted to be at some of the highest levels seen in the last 30 years, according to JP Morgan analysts. According to the firm, some focused specialist reinsurers point to a pricing environment similar to the one seen post Hurricane Katrina. The JP Morgan ... Read the full article
Hopes for market stability “all but disappeared”: Woodruff Sawyer
21st November 2022
A new report by US independent brokerage WoodRuff Sawyer contends that hopes for stability in the insurance and reinsurance market next year have “all but disappeared” in the wake of Hurricane Ian and the myriad economic challenges facing the industry. WoodRuff Sawyer’s 2023 Property & Casualty Looking Ahead Guide notes that ... Read the full article
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