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Reinsurance News

Reinsurance renewals

Reinsurance renewals are the key points in the year when the majority of reinsurance contract renewal negotiations occur and are completed.

The reinsurance renewal seasons provide insight into reinsurance pricing, contract terms, reinsurance market positioning and the direction of future trends in the market.

Industry survey reveals expectation of heightened reinsurance use

21st November 2019

The large majority of respondents to our second annual reinsurance market survey, in collaboration with sister-site Artemis, expect to purchase roughly the same or a little more reinsurance protection at the upcoming renewals. The 2019 edition of the global reinsurance market survey features responses from hundreds of ... Read the full article

FEMA commences procurement of 2020 NFIP reinsurance renewal

19th November 2019

The U.S. Federal Emergency Management Agency (FEMA) has started its procurement process for the renewal of a flood reinsurance programme, designed to protect against flood risks in the U.S. that are insured by the National Flood Insurance Program (NFIP). FEMA has returned to the traditional market for its NFIP reinsurance program ... Read the full article

Property market still hardening, set to persist through 2020: WTW

18th November 2019

Pricing conditions in the property re/insurance market have continued to harden over and above baseline predictions, with rate increases set to persist through 2020, according to broker Willis Towers Watson (WTW). The current “micro-hard market” has produced pricing increases of between 50% and 100%, according to WTW’s numbers, with some challenged ... Read the full article

P&C pricing momentum unlikely to result in hard market, says Fitch

14th November 2019

While favourable pricing trends in the US property and casualty (P&C) market have been gaining some momentum this year, analysts at Fitch Ratings do not believe these increases are likely to cause a return to hard market conditions. Competitive forces and less favourable claims trends in some key segments make it ... Read the full article

Willis Towers Watson sees “biggest upward price shift in years”

13th November 2019

Global insurance and reinsurance brokerage, Willis Towers Watson (WTW) expects 19 lines of business to see price increases in 2020 in what the firm describes as the "biggest upward price shift in years." The broker has released its 2020 Insurance Marketplace Realities report, which concludes that North American commercial insurance buyers ... Read the full article

Reinsurance industry CEOs frustrated at pricing environment

11th November 2019

Insurance and reinsurance industry Chief Executive Officers (CEOs) have expressed frustration at the reinsurance pricing environment and have highlighted a reliance on primary rate increases. This is according to CEOs who spoke at the 2019 Bermuda Reinsurance Conference hosted by S&P Global Ratings last week. The event took place over November ... Read the full article

Opportunity at Jan renewals better than a year ago, says Lancashire CEO

8th November 2019

As positive rate momentum continues across virtually all lines of business, the Group Chief Executive Officer (CEO) of Lancashire Holdings Limited, Alex Maloney, is confident that the opportunity at the upcoming January renewals is better than what it was a year ago. The underwriting environment is "transitioning to the harder stage ... Read the full article

Everest increasingly optimistic as market dislocation creates opportunity

6th November 2019

The global re/insurance industry would have hoped for a chance to regroup in 2019 following the volume of losses over the previous two years, but instead, further losses have driven additional market dislocation, which in turn creates opportunity, according to John Doucette, EVP, President and Chief Executive Officer (CEO) of ... Read the full article

Global reinsurance market survey results show positive price expectation

4th November 2019

For the second year running we’ve collaborated with our ILS focused sister-site Artemis to conduct a survey designed to take the temperature of the global reinsurance market. This year’s survey included responses from hundreds of identifiable market participants, including numerous company CEOs and senior decision makers. Overall, approximately 72% ... Read the full article

Heritage concerned about retro capacity at 2020 renewals: CEO Lucas

4th November 2019

The number one issue at the upcoming reinsurance renewals is likely to be a lack of capacity in the retrocessional market, according to Bruce Lucas, Chairman and CEO of property and casualty (P&C) insurance holding company, Heritage Insurance Holdings, Inc. Lucas’s comments came as part of Heritage’s third quarter earnings call, ... Read the full article

Hiscox grows premiums 7% YTD, sees more rate firming ahead

4th November 2019

Hiscox Group has grown its overall business by more than 7% in 2019 so far, as the insurance and reinsurance company takes advantage of higher rates and looks forward to what it believes will be a third year of firming prices in the London market. Hiscox has experienced growth across its ... Read the full article

More rate improvements ahead after market pain in 2019: AXIS CEO Benchimol

1st November 2019

AXIS Capital is anticipating ongoing insurance and reinsurance pricing increases into the 2019 renewals and beyond, according to its Chief Executive Officer (CEO), Albert Benchimol. Speaking during the firm’s third quarter earnings call, Benchimol explained that rates remain inadequate in many lines, and should be spurred on by the further “pain” ... Read the full article

P&C market favourable for smaller, niche players: JP Morgan

25th October 2019

Smaller, niche carriers are particularly well positioned to take advantage of favourable conditions in the property and casualty (P&C) re/insurance market, according to analysts at JP Morgan. In a new report, the firm said it expects smaller players to accelerate their market share gains as larger market leaders retrench in an ... Read the full article

Improved reinsurance market conditions may fade, warns Fitch

25th October 2019

Analysts at Fitch Ratings have warned Bermudian reinsurers that improved reinsurance market conditions and the subsequent positive influence on underwriting results may not last. After a more meaningful shift in pricing at the latest renewals season following disappointing rate movements through 2018 and into early 2019, on the back of consecutive ... Read the full article

Typhoons to boost Japanese reinsurance rates, but not market-wide: Barclays

17th October 2019

The substantial industry losses stemming from Japanese typhoons in 2019 will provide a boost to affected regional lines, but are unlikely to trigger a sharp recovery in wider property and casualty (P&C) reinsurance prices, according to analysts at Barclays. With insured losses from Typhoons Faxai and Hagibis now pegged at between ... Read the full article

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