Reinsurance News
property cat
2023 renewals the most challenging in a generation, says Aon’s Monaghan
19th January 2023
According to Joe Monaghan, Global Growth Leader Reinsurance Solutions, Aon, the January 2023 renewals were the most challenging in a generation as the reinsurance market underwent a fundamental shift in pricing and risk appetite, marking a moment of truth for the industry and a new reality for buyers. Monaghan states that ... Read the full article
Cat loss-hit property treaties in the U.S. see rate rises of +100% at 1/1: Gallagher Re
3rd January 2023
Analysis by reinsurance broker Gallagher Re reveals that some catastrophe loss-hit treaties in the U.S. witnessed rate increases of more than 100% at the January 1st, 2023, reinsurance renewals, as Hurricane Ian, other catastrophe and risk losses, inflation, and rising interest rates drove disruption in the market. Gallagher Re's 1st ... Read the full article
Property a market where reinsurers are firmly in control: JMP Securities
22nd December 2022
Following conversations with re/insurers and brokers in London ahead of the January renewals, analysts at JMP Securities have suggested the property market feels like a market where the reinsurers are firmly in control, and that this likely has legs beyond just the 2023 renewals. According to the analysts, through the discussions, ... Read the full article
Property cat rates need to increase 50% to offset rising claims costs: EY
22nd December 2022
Next year will be a challenging time for home and motor insurers. At the same time, consultancy EY has suggested that property catastrophe reinsurance rates need to increase by 50% in 2023 to help combat climate change impact and restore profitability. Ben Reid, UK Head of Specialty Insurance at EY, commented: ... Read the full article
Validus Re to benefit from improving property cat reinsurance market
1st December 2022
The rapidly improving property catastrophe reinsurance market is a solid opportunity for American International Group (AIG) to more aggressively leverage the capabilities of Validus Re, the firm’s underwriting arm, said AIG CEO Peter Zaffino in conversation with KBW. Zaffino noted that the current property catastrophe reinsurance capacity shortfall, more closely resembles ... Read the full article
Hard property cat reinsurance market to support 2023 margins: Fitch
28th November 2022
According to Fitch Ratings, reinsurance rates for property catastrophe business should increase by over 10% at the January renewals, supporting underwriting margins against rising claims from high inflation and climate change. Further, increasing prices and higher reinvestment yields will help offset the effects of rising claims inflation and lower asset values, ... Read the full article
We need to be disciplined & nimble in our approach to the market: SiriusPoint’s Scott Egan
10th November 2022
SiriusPoint’s CEO Scott Egan has said that the firm must be disciplined in its risk appetite and nimble in its approach to the market as it looks to restructure its underwriting platform following a net loss of $98 million for the Q3 period. SiriusPoint reported an underwriting loss of $47m ... Read the full article
Cutbacks in capacity & price hikes to follow Ian: Risk Strategies
7th November 2022
A recent report from Risk Strategies suggests property insurance buyers with locations exposed to climate change-related events will see significant reductions in coverage capacity, as well as higher deductibles and pricing well into 2023 following Hurricane Ian, as reinsurers grow increasingly concerned about inadequate values and peril losses. The report observes ... Read the full article
“Tremendous” market opportunity heading into 2023, says Everest Re
28th October 2022
Everest Re President and CEO, Juan Andrade, and Jim Williamson, Group COO and Head of Reinsurance, see a host of significant opportunities for growth in 2023, noting that Everest is very well positioned to take full advantage of them. Andrade cited Everest's strong client and broker relationships that the firm has ... Read the full article
We’re not shy to lean into property cat reinsurance: W. R. Berkley CEO
25th October 2022
Commercial lines property and casualty insurance holding company, W. R. Berkley, has been making plans and positioning itself to take advantage of rising prices in the property catastrophe arena, with the company's President and Chief Executive Officer (CEO), W. Robert Berkley, saying that it could become a meaningful part of ... Read the full article
Remediation is bearing fruit at Lloyd’s ahead of 1/1 filled with opportunity: LMA’s Davison
6th October 2022
Following a strong underwriting performance in the first-half of 2022, remediation efforts at the specialist Lloyd’s insurance and reinsurance marketplace are proving successful, which puts the sector in a good position ahead of the important January 1st, 2023, reinsurance renewals. While investment losses dented the market’s overall result for H1, Lloyd’s ... Read the full article
- ← Previous
- 1
- 2
- 3
- 4
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
