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.
US property catastrophe rates rise by as much as 50% at Jan 1 renewals: Gallagher Re
2nd January 2024
At the January 1st, 2024, reinsurance renewals, U.S. property catastrophe rates increased by as much as 50% for loss-hit business, primarily driven by record severe convective storm (SCS) activity, reports Gallagher Re. The reinsurance broker has released its 1st View Report, which discusses an overall more stable and predictable Jan ... Read the full article
More favourable supply drives stable reinsurance renewals at Jan 1: Howden
2nd January 2024
An increase in the supply of reinsurance at the January 1st, 2024, renewals, led to a relatively stable and orderly renewal with risk-adjusted pricing witnessing flat changes overall, as global risk-adjusted property catastrophe rates-on-line rose by an average of 3%, reports broker Howden. Since the January 2023 renewals, market conditions have ... Read the full article
Rate increases to persist through 2024 and probably into 2025: Gulbransen, Howden Tiger
30th November 2023
As negotiations intensify ahead of the January 1st, 2024, reinsurance renewals, Wade Gulbransen, Head of North American Reinsurance at Howden Tiger, has said that the broker sees the market continuing with both price and coverage into next year. Speaking with Howden Tiger's Head of Business Development, Michelle To, as part of ... Read the full article
Some bright spots, but P&C insurers face challenges and uncertainties: WTW
27th November 2023
Insurance broker WTW predicts that catastrophe-exposed property business will see price increases of between +10% to +25% in 2024 and warns that while commercial lines price increases have started to stabilise, it's a challenging and uncertain environment for P&C insurers heading into next year. The inflationary landscape continues to impact commercial ... Read the full article
Reinsurers in a “very good position” amid strong rate environment: RenRe’s O’Donnell
14th November 2023
Speaking on a panel at the PwC Insurance Summit in Bermuda in November, Kevin O’Donnell, President, and CEO of RenaissanceRe (RenRe), underlined that the industry is heading into a "strong" and "constructive" reinsurance rate environment ahead of the January renewals. During the panel, O’Donnell was asked how long inflation is going ... Read the full article
Chubb isn’t running from reinsurance, would lean into property cat if liked the returns: CEO
25th October 2023
Evan Greenberg, Chief Executive Officer (CEO) of global insurer Chubb, has emphasised that the carrier is not shying away from the reinsurance business, but that it makes more sense for the company to grow its insurance property catastrophe-related exposure than on the reinsurance side. Chubb recently held its third quarter 2023 ... Read the full article
Rate rises in property cat reinsurance to ease in 2024: Peel Hunt
18th September 2023
The pace of rate rises in the property catastrophe reinsurance market is likely to ease in 2024, following the rate adequacy achieved now that hard market conditions have developed in 2023; yet it is likely to take a number of years before this market starts to soften again, Peel Hunt ... Read the full article
Favourable reinsurance market conditions could persist into 2025: Everest’s Williamson
7th September 2023
On the back of an impressive year of rate taking and improving terms and conditions (T&Cs), global insurer and reinsurer Everest expects property market conditions to persist well into next year and potentially into 2025, according to Jim Williamson, EVP, Group Chief Operating Officer, and Head of Reinsurance. As the reinsurance ... Read the full article
Property cat reinsurance rates 1.5x above 2017 trough: Peel Hunt
11th August 2023
The Florida-focused June 1 renewals showed a continued rise in property catastrophe reinsurance rates, with analysts at Peel Hunt highlighting that rates are now 1.5x higher than the 2017 trough and 46% above the previous peak all the way back in 2006. Citing data from broker Howden Tiger, analysts note that ... Read the full article
Current hard market has surpassed the post-Andrew market: Everest CEO Andrade
27th July 2023
Juan Andrade, the President and Chief Executive Officer (CEO) of Bermuda-based re/insurer Everest Group, feels that the current reinsurance market is now firmer that it was following the impacts of hurricane Andrew in 1992, as the firm continues to take advantage of strong rate momentum in the property catastrophe space. Speaking ... Read the full article
Growth, inflation and interest rate trajectories are diverging: Swiss Re
10th July 2023
COVID-19 and the war in Ukraine highly impacted the global economic and policy cycles, but now that the base effect of these shocks is fading idiosyncratic domestic factors will regain the main drivers of diverging cycles in the second half of this year, according to the Swiss Re Institute. As growth, ... Read the full article
Property cat loss hit rates in Florida up 30-40% in mid-year renewal: Gallagher Re
3rd July 2023
Global reinsurance broker Gallagher Re released its latest 1st View renewals report, which highlights the trends and dynamics at the July 1 reinsurance renewals. Within the report, the broker highlighted the United States property market at the renewals. One notable figure was that catastrophe loss hit business in Florida increased 30-40%, ... 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
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
Aon flags continued upward pricing pressure through Q1
11th May 2023
Analysts at global professional services firm Aon have noted continued upward pricing pressures through the first quarter of 2023, including ongoing inflation and rising loss costs, as well as surging reinsurance pricing and a contraction of reinsurance capacity. At the same time, however, a strengthening of insurer profitability and pressure to ... Read the full article
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