Reinsurance News
Reinsurance rates news
News on rates and pricing across global insurance and reinsurance markets, with a particular focus on renewal rates on line in reinsurance and commercial insurance pricing trends.
Jan 1st renewals to be one of the hardest markets in years: Lancashire CEO
6th November 2020
Alex Maloney, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, believes that the January 1st, 2021 reinsurance renewal season is going to be one of the hardest markets witnessed in years. In response to a lengthy soft market state, heavy catastrophe losses and low interest rates, exacerbated by the impacts ... Read the full article
Commercial insurance prices up 20% in Q3, reports Marsh
5th November 2020
Insurance and reinsurance brokerage, Marsh, has reported that global commercial insurance prices increased by 20% in Q3 2020, the largest increase since the Global Insurance Market Index was launched back in 2012. This average composite price rise of 20% follows year-on-year average increases of 19% in Q2 and 14% ... Read the full article
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
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
A tsunami of price & condition strengthening is coming, says Peak Re CEO Hahn
14th October 2020
After a prolonged soft market state, characterised by fading margins amid low interest rates, elevated catastrophe losses and inadequate rates, the reinsurance industry can expect to see a significant amount of price and condition strengthening, according to Franz Josef Hahn, Chief Executive Officer (CEO) of Hong Kong reinsurer, Peak Re. "Everybody ... 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
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
“Timid” price increases not enough to cover exposure, says Swiss Re
11th September 2020
Executives at reinsurer Swiss Re have said that further rate improvements are needed after "timid" price increases across the reinsurance sector, which have ultimately failed to compensate for years of premium decline and the elevated claims load. Addressing the media this week as part of Swiss Re's virtual Rendez-Vous de Septembre ... 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
Expect “low double-digit” price rises at Jan 1 reinsurance renewals, says Fitch
9th September 2020
On the back of consecutive years of rate increases at the mid-year across most lines of property and casualty (P&C) reinsurance business, Fitch Ratings expects to see low double-digit price rises at the important January 1st, 2021 renewals. Positive rate momentum in the reinsurance industry continued at the April and June/July ... Read the full article
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