Reinsurance News
property cat
RenRe CEO believes higher rates will persist in property cat
27th July 2023
Bermuda-based reinsurer RenaissanceRe's Chief Executive Officer (CEO), Kevin O’Donnell, believes that higher rates will persist in the property catastrophe market. Speaking recently during the reinsurer’s Q223 results earnings call, O’Donnell explained that RenRe “leaned heavily” into the property cat market during the second quarter, with ... Read the full article
Global cat rates surge by 27% YTD; US leads with 35% increase: RBC
14th July 2023
Global catastrophe rates have surged by 27% year-to-date, with the United States experiencing the highest increase at 35%, according to RBC Capital Markets. The property catastrophe rate indexes have reached levels not seen since 2006, when a significant number of new insurers emerged, including notable companies like Lancashire. Across various sub-segments, insurance ... Read the full article
Ample property cat reinsurance capacity available as order returned at mid-year renewals: Aon
29th June 2023
A sense of order returned to reinsurance renewals at the mid-year, helped by the catastrophe reinsurance market finding a new equilibrium with ample capacity available for property cat risks, according to insurance and reinsurance broker Aon. The broker's June and July 2023 Reinsurance Market Dynamics report dissects the mid-year renewals season, ... Read the full article
Assurant places $1.3bn cat program with higher first event retention
23rd June 2023
Assurant has finalised its 2023 property catastrophe reinsurance program, successfully placing $1.28bn in loss coverage within its main US program, which compares to the $1.16bn the specialty insurer placed in 2022. At the same time, the company has maintained a $125m retention for a first event, with retention level dropping ... Read the full article
Arturo expands catastrophe response capabilities to the United States
13th June 2023
Arturo, the property intelligence company that delivers portfolio-wide underwriting, risk and claims insights, has announced a global expansion of its catastrophe response capabilities to the United States insurance market. In the last couple of years, Arturo has proven the value in bridging disparate data sets to derive impactful property insights, playing ... Read the full article
Nationwide taking action to mitigate risk in personal and commercial lines portfolios
12th June 2023
Large U.S. insurer Nationwide Mutual Insurance has announced that it is taking "specific business actions" in an effort to mitigate risk and manage its personal and commercial lines portfolios, citing the economic landscape, inflation, and catastrophic weather events. The insurer notes that these actions are impacting the entire insurance industry, and ... Read the full article
Property-cat rates up 33%, index hits record high at June 1: Howden Tiger
1st June 2023
Howden Tiger reports a significant increase in reinsurance rates, with risk-adjusted property-catastrophe pricing up 33% on average at June 1 renewals, reaching its highest level since inception. The rate increase fell within the range of 25% to 40%, with variations depending on the specific layer. This follows a 25% increase ... Read the full article
Property cat reinsurance conditions at peak, primary market shows promise: JMP Securities
23rd May 2023
Property catastrophe reinsurance market conditions reach peak, presenting advantageous prospects for reinsurers, according to JMP Securities' analysis. The upcoming June 1 renewal season, particularly focused on Florida, is anticipated to yield positive outcomes. Assuming a season with minimal to moderate catastrophe losses, reinsurance Return on Equity (ROE) is expected to be robust. ... Read the full article
Swiss Re estimates $200bn US cat reinsurance demand, expects 10-15% surge by 2024
18th May 2023
Swiss Re estimates that the US alone has approximately $200 billion in demand for catastrophe (cat) reinsurance, and with climate change, demographic shifts, and inflation expected to persist, there is projected to be a 10-15% increase in demand between 2023 and 2024. In its report called "The State of the Reinsurance ... Read the full article
Berkshire Hathaway’s property cat exposure up 50% following “attractive” April 1
9th May 2023
Ajit Jain, Vice Chairman of Insurance Operations at Berkshire Hathaway, has suggested that the firm's property cat exposure is almost 50% more than it was half a year ago, adding, "We have written as much as our capacity will allow us to write," amid "attractive" April 1 prices. Jain said, "The ... Read the full article
Home insurer Kin announces expansion into Mississippi
12th April 2023
Kin, a direct-to-consumer digital home and property insurer, has announced its expansion into Mississippi, a state that has been hit by a fair number of powerful tornadoes due to its location. In 2022, Mississippi was hit with 184 tornadoes and ranked third in the nation for tornado activity. Additionally, Mississippi has ... Read the full article
India’s property cat pricing sees significant uplift at April renewal: Aon
12th April 2023
India's property catastrophe pricing increased by double digits at this April's renewal, a significant uplift for the market by historical standards, and higher than those seen in Japan, suggests Aon. Aon's analysts explain that April is the main renewal for India, as it sees a vast amount of the country’s P&C ... Read the full article
Industry must resist temptation to pull from cat-exposed areas: Moody’s RMS
15th March 2023
In an interview with the Financial Times (FT), Michael Steel, General Manager of Moody’s RMS, suggested that a combination of better analysis, new forms of loss prevention and higher prices should encourage reinsurers to take more risk amid the allure to pull from cat-exposed areas. In the FT interview, Steel noted ... Read the full article
Jan 2023 renewals one of the most profound in RenRe’s history: CEO O’Donnell
2nd February 2023
The structural shift and reset in relationships between insurers and reinsurers at the January 1st, 2023, reinsurance renewals, has created a more stable, long-term equilibrium, and has resulted in one of the most pivotable 1/1 renewals in the history of RenaissanceRe, according to the firm's President and Chief Executive Officer ... Read the full article
Great opportunity for property CAT investment amid “perfect storm”: Carson K2 CAT
31st January 2023
A “perfect storm” has created a hard market for property treaty business, the best underwriting conditions in the last 30 years. The higher rates stemming from a challenging economic environment have made this a great time for investors to enter the market, said David Carson, head underwriter at MGA K2 ... Read the full article
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