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 commercial P&C rates decelerate to 5%: MarketScout
14th December 2022
The latest Insurance Market Barometer from MarketScout and accompanying commentary from analysts at Keefe, Bruyette & Woods reveals that U.S. commercial property and casualty insurance (P&C) rates rose by 5% y/y, below October's +5.9%, which probably reflects both deceleration and monthly volatility. Although rate increases appear to have peaked in December ... Read the full article
Cyber competition slowing rate increases for firms with good security: WTW
13th December 2022
A new note from WTW says that increased competition from cyber underwriters has led to more nominal rate increases when organisations can demonstrate good cyber security controls year over year. The firm said in its note that these cyber underwriters were eager to write new business following the recalibration of cyber ... Read the full article
WTW sees clear flight to quality amid hardening reinsurance market
9th December 2022
Analysts at WTW have observed a “significant flight to quality” in the reinsurance market as insurers use the hardening market to ‘housekeep’ their existing portfolios prior to focusing on new business. The broker's Insurance Marketplace Realities 2023 report predicts further rate firming for the property reinsurance market, with more withdrawals of ... Read the full article
“Grip of the hard market is loosening”: WTW’s Jon Drummond
7th December 2022
Jon Drummond, Head of Broking, North America at insurance broker WTW, has claimed that the “grip of the hard market is loosening” despite some upward pressures across lines. Writing in the latest Marketplace Realities report from WTW, Drummond noted that the second half of 2022 has “ushered in a new environment ... Read the full article
Lancashire may reduce cat exposure if retro pricing proves high: analysts
2nd December 2022
Analysts at Jefferies have suggested that Bermuda-based re/insurer Lancashire Holdings could look to reduce its gross catastrophe exposure next year, if the company is unable to purchase retrocession cover at a good price. Jefferies expects Lancashire's net catastrophe exposure to remain broadly flat in 2023, albeit with net premiums still growing ... Read the full article
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
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
Reinsurance market next year will be a “challenging environment”: Beazley’s Cox
22nd November 2022
The reinsurance market is set to be a “challenging environment” next year which Beazley expects to see shift significantly, says Chief Executive Officer Adrian Cox. During Beazley’s Q3 22 earnings call, Cox stated that a “properly priced reinsurance and a disciplined reinsurance market is positive for the insurance industry overall”. He also ... 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
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
Clear that reinsurance pricing dynamics are set to materially change into 2023, say analysts
15th November 2022
A discussion with Sven Althoff, Member of the Executive Board at Hannover Re, has left analysts at JP Morgan confident that reinsurance pricing should materially improve into next year, with positive dynamics anticipated in all classes of business. "We believe the call supported our argument that reinsurance pricing should materially improve ... 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
HCI Group expects there to be enough reinsurance for its needs in 2023: CEO Patel
11th November 2022
Florida-based insurtech HCI Group, Inc.'s Chairman and Chief Executive Officer (CEO), Paresh Patel, expects there to be sufficient reinsurance available for the firm's needs in 2023, despite a reduction in supply in the State of Florida. Prior to the 2022 Atlantic Hurricane season and costly impacts of Hurricane Ian in Florida ... Read the full article
Clear indications for a widespread hard market: Munich Re CFO
8th November 2022
As the market heads towards the important January 1st, 2023, reinsurance renewals, Christoph Jurecka, Chief Financial Officer (CFO) of German reinsurance company, Munich Re, is optimistic that further rate hardening will not be restricted to loss-impacted lines or regions. The CFO and Member of the Board held an earnings call recently ... Read the full article
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.
