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.
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
Diversification key in offsetting hardening reinsurance market: Lemonade
18th November 2022
In Lemonade's Q3 earnings call, Co-Founder and Co-CEO, Shai Wininger, and CFO, Tim Bixby, outlined the firm's approach to the current hardening reinsurance market, alongside how it will keep pace with high inflation. Wininger suggested that despite reinsurance companies having several rough years, this doesn't mean that they'll change Lemonade's business ... Read the full article
Allstate ups October auto rates by 14% to account for inflation
17th November 2022
US primary insurer Allstate has announced that it increased auto rates by 14.0% across 15 locations during the month of October in response to inflationary increases to loss costs. Jess Merten, Chief Financial Officer at Allstate, said that this move would result in total brand premium impact of 1.3%. Rate increases for ... Read the full article
Heritage to raise rates & adjust portfolio amid rising reinsurance costs
15th November 2022
In Heritage's Q3 earnings call, Ernie Garateix, CEO, suggested that the firm is raising its rates and evaluating its portfolio as the cost of reinsurance increases alongside capacity constraints. Garateix commented, “Getting appropriate rates for our coverage offer is paramount. We continue to take rates in all our markets to keep ... Read the full article
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
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