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.
Markel prepared to walk away from poorly priced business: Co-CEO Whitt
3rd November 2022
Markel Co-CEO Richie Whitt has asserted that his company is “prepared to walk away from business that is not adequately priced” as it contends with inflationary pressures and a volatile investment market. Markel reported a comprehensive loss of $367.4 million for the third quarter of 2022, due mainly to investment ... Read the full article
Commercial rates moderate further through Q3: Marsh
31st October 2022
Global commercial insurance prices continued to moderate through the third quarter of 2022, according to data from re/insurance broker Marsh, with increases slowing to 6%, down from 9% in the second quarter. Marsh’s Global Insurance Market Index marks Q3 2022 as the 20th consecutive quarter of commercial rate increases, but it ... Read the full article
Reinsurance pricing levels to take a material step up following Ian: JP Morgan
26th October 2022
Following the events of Hurricane Ian, the reinsurance industry is sitting on the cusp of a far harder market for pricing heading into 2023, suggests a report from JP Morgan. The report observes that it is difficult to truly assess how much prices will increase, particularly as the January 1 renewals ... Read the full article
Reinsurance costs a factor in IAG premium hikes
24th October 2022
Australian insurer IAG has explained that higher reinsurance costs are a factor in its decision to increase premium rates for its customers across several lines of business. Speaking at the company’s annual general meeting, Chairman David Armstrong noted that the company performed well through the 2022 financial year despite facing a ... Read the full article
Reinsurance rate rises to accelerate at January renewals: Jefferies
20th October 2022
A recent report from Jefferies suggests it is "inevitable" that reinsurance prices will not only rise at the upcoming January renewals, but will also accelerate their momentum year-on-year. Jefferies attributes this assessment to a high level of catastrophe losses and underlying margin weakness. In the report, the firm added, "Our confidence in ... Read the full article
Commercial pricing to carry on showing modest deceleration: Goldman Sachs
18th October 2022
According to a recent Goldman Sachs report, commercial pricing is expected to continue to show modest deceleration in the quarter. This is mainly due to higher investment yields and improved underwriting over the past several years which have modestly outweigh ongoing inflationary pressures. Analysts noted that in the first two months ... Read the full article
Strong performance in 2023 critical after Ian losses, warns Jefferies
13th October 2022
Analysts at Jefferies have warned that it is “critical” that insurers and reinsurers exhibit a strong performance in 2023, following the huge impact of Hurricane Ian on the market. Jefferies notes that the investor reaction to Ian has been relatively benign, even as the re/insured loss forecasts have surged from an ... Read the full article
Louisiana approves 63% rate increase on residential property for Citizens
12th October 2022
The Louisiana Department of Insurance (LDI) has approved Louisiana Citizens’ request for a 63% rate increase on its residential property insurance policies beginning January 1, 2023. According to a statement from the LDI, the increase will not affect current policyholders of Citizens until they renew their policy after that date. Citizens ... Read the full article
Insurance Europe responds to EIOPA consultation paper on differential pricing
12th October 2022
Insurance Europe, the European insurance and reinsurance federation, have published their comments regarding a recent consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on differential pricing as concerns have been raised. In July 2022 EIOPA launched the three-month long public consultation in response to concerns that some differential pricing ... Read the full article
Hurricane Ian to “dramatically” impact Florida rates: MarketScout
7th October 2022
Analysts at MarketScout, a Managing General Agent, Lloyd's Coverholder and wholesale broker, have suggested that losses from Hurricane Ian will “dramatically” impact insurance pricing across both commercial and personal lines. MarketScout data shows that the commercial market composite rate for the third quarter 2022 increased 5.28%, with property rates up 7.67%. It’s ... Read the full article
Hannover Re “well positioned” to benefit from hard market: analysts
7th October 2022
Following Hannover Re’s recent investor day in London, analysts have reported that they remain confident the reinsurer is “well positioned” to benefit from an increasingly hard pricing environment next year. JP Morgan said it remains positive on Hannover Re due to its stable and high returns versus reinsurance peers, clear evidence ... 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
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
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