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.

Reinsurance pricing “approaching adequacy,” says AXIS CEO Benchimol

5th November 2020

Albert Benchimol, President and CEO of Bermudian re/insurer AXIS Capital, has said he believes reinsurance pricing is “approaching adequacy” but that more rate action is needed beyond 2021 in some areas. Speaking in an earnings call alongside the release of AXIS’ Q3 results, Benchimol offered his perspective on the current ... Read the full article

“Reinsurance is in a state of flux”: Willis Re’s James Vickers

23rd October 2020

On the back of several years of unsatisfactory returns and the added challenges of COVID-19, Willis Re’s James Vickers has said that the reinsurance market finds itself “in a state of flux.” Vickers, who is Chair of Willis Re International, recently spoke to Reinsurance News about the state of the reinsurance ... Read the full article

Average premium renewal rates up through Q3: IVANS

21st October 2020

Average premium renewal rates continued to harden across nearly all major commercial lines of business during the third quarter of 2020, according to the results of the IVANS Index, a division of Applied Systems. Q3 results showed an increase in premium renewal rate change average across nearly all major commercial lines ... Read the full article

Commercial property rates up 7% in Q3: MarketScout

8th October 2020

Commercial property rates increased by 7% during the third quarter of 2020, according to data from MarketScout, the US electronic insurance exchange and specialty MGA. The firm found that re/insurance rates increased by 6.25% on average in Q3, with rate increases on every line of coverage and industry class. The largest rate ... Read the full article

Morgan Stanley expects reinsurer earnings quality to improve

25th September 2020

Analysts at Morgan Stanley have said they expect to see the reinsurance industry’s earnings quality improve alongside continued pricing increases. Based on its conversation with reinsurers around the virtual Monte Carlo event this year, the firm said that rate momentum will likely continue throughout 2021 and potentially beyond. And while margin expansion ... Read the full article

FCA proposes measures to tackle unfair insurance pricing

22nd September 2020

UK regulator the Financial Conduct Authority (FCA) has proposed a set of measures designed to tackle unfair pricing practices for customers renewing their retail home and motor insurance policies. The proposals follow on from the FCA’s October 2019 report, which found that 6 million policyholders paid high prices in 2018, ... Read the full article

This is the market we’ve been waiting for: Hamilton Re’s David Brown

22nd September 2020

With rates now on a trajectory towards hard market territory, Hamilton Re Chairman and interim CEO David Brown says the company is seeing opportunity across specialty insurance and reinsurance business. Speaking in an interview with Reinsurance News, Brown said he was confident about Hamilton Re’s prospects following its takeover of Pembroke ... Read the full article

Cat losses to exceed 2019 levels, boost reinsurance pricing: KBRA

21st September 2020

Analysts at Kroll Bond Rating Agency (KBRA) believe this year’s active hurricane season, along with growing costs of the US wildfires and the COVID-19 pandemic, will cause insured catastrophe losses to exceed 2019 levels. The result of this elevated catastrophe bill will be further upward pressure on reinsurance pricing, KBRA said, ... Read the full article

Reinsurance price increases “absolutely essential” in 2021: Hannover Re

14th September 2020

Against the backdrop of ongoing COVID-19 losses and a low interest rate environment, Hannover Re has argued that continued reinsurance rate increases are “absolutely essential” next year. In a new release that was planned for this year’s cancelled Monte Carlo meet-up, Hannover Re says it anticipates “significant price increases” spanning the ... Read the full article

P&C reinsurance buyers expecting 5% price rise off COVID-19, nat cat losses: Moody’s

11th September 2020

Respondents to a Moody’s survey of P&C reinsurance buyers are expecting reinsurance prices to rise by at least 5% next year. Reinsurers' profitability is generally anticipated to take a hit from factors such as COVID-19, more volatile natural catastrophe losses and capacity constraints. Over 90% of respondents had an expectation for price ... Read the full article

Commercial rate hardening continues in August: IVANS

10th September 2020

Average premium renewal rates continued to harden across nearly all major commercial lines of business during the month of August 2020, according to the results of the IVANS Index, a division of Applied Systems. Year over year, all lines of business experienced an increase in average premium renewal rate, except Workers’ ... Read the full article

Reinsurer returns still insufficient relative to risk: Moody’s

9th September 2020

Despite reinsurance pricing having built much upward momentum over the course of the year, analysts at Moody’s remain adamant that the sector’s returns are still insufficient relative to risk. Speaking at a briefing alongside the release of Moody’s Global Reinsurance Outlook report, Vice President James Eck maintained that “much more rate ... Read the full article

US commercial insurance prices up almost 10% in Q2: WTW

9th September 2020

US commercial insurance prices increased by almost 10% during the second quarter of 2020, according to a new survey by re/insurance broker Willis Towers Watson (WTW). WTW’s Commercial Lines Insurance Pricing Survey (CLIPS) found that rates had increased substantially during Q2, when compared with the same period in 2019. Excess/umbrella and directors’ ... Read the full article

KBW forecasts growing reinsurance losses & stronger rate increases

24th August 2020

Analysts at KBW are forecasting growing reinsurance losses in 2020 and stronger reinsurance rate increases next year, based on loss activity over the year so far. Reinsurers Munich Re and Swiss Re have already estimated that insured catastrophe losses will total $27 billion and $31 billion over the first ... Read the full article

Palomar faces firmest reinsurance market since inception: CEO Armstrong

14th August 2020

The June 1 placement marks the firmest reinsurance market Palomar has faced since its inception, according to Chief Executive Officer (CEO) and Director Mac Armstrong. Speaking alongside the release of Palomar’s Q2 results, Armstrong said the rising cost of reinsurance in the property market should create “several opportunities” within the company’s ... Read the full article

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